The impact of changing consumer needs on the marketing mix

• What is the marketing mix made up of?

  The four Ps: product, price, place, promotion
• Why must businesses adapt their marketing mix?

  To effectively meet changing consumer needs
• How might a company show concern for the environment?

  By reducing plastic in their packaging
• What is an example of a changing consumer need?

  The rise in popularity of vegan diets
• What does convenience mean in a business context?

  Something easier, quicker, or less hassle
• How can a restaurant chain adapt to consumer needs for convenience?

  By offering ready-made meals in supermarkets
• What are some ways businesses adapt to changing consumer needs?

  • Introducing new products (e.g., smoothies)
  • Changing product prices (e.g., budget products)
  • Opening new retail outlets
  • Introducing m-commerce and e-commerce
• What is m-commerce?

  Business transactions via mobile devices
• What is e-commerce?

  Transactions that take place through the internet
• What impact does a recession have on consumer spending?

  Customers tend to spend less money
• How might businesses respond to a recession?

  By reducing prices or developing budget ranges
• How do technological improvements affect consumer needs?

  They can change knowledge and priorities