Lesson 9 Final Lesson business studies

• What is the title of today's lesson?

  Influence of the Marketing Mix
• What is one learning objective of the lesson?

  Know how each element influences others
• How can the marketing mix be used?

  To build competitive advantage
• What are the four elements of the marketing mix?

  • Product
  • Price
  • Promotion
  • Place
• What does the product element of the marketing mix refer to?

  The good or service that the customer obtains
• What does the price element of the marketing mix indicate?

  How much the customer is paying for the product
• What does the promotion element of the marketing mix involve?

  How the customer is found and persuaded to buy
• What does the place element of the marketing mix refer to?

  How the product is distributed to the customer
• What is an integrated marketing mix?

  A marketing mix that works well together
• What is competitive advantage?

  An advantage gained by offering greater value
• How must a business balance elements of the marketing mix?

  To establish a competitive advantage over rivals
• What is the target market for Nike's running shoe?

  Long distance running enthusiasts
• Why is the price of Nike's running shoe set high?

  It fits with high quality and unique features
• What promotional strategies are used for Nike's running shoe?

  Live events and viral advertising
• How does Nike ensure visibility in promotions?

  By sponsoring runners and events
• What types of stores sell Nike's running shoes?

  Specialist running shops and high-end stores
• How does product differentiation create competitive advantage?

  By offering superior features compared to competitors
• What must a business ensure about its product?

  It must always be profitable
• How do the elements of the marketing mix influence each other?

  • Product and price: Ensure profitability
  • Price and promotion: Match premium products
  • Promotion and place: Target the right customers
  • Place and product: Ensure transportability
• How does a product's aesthetics affect its pricing?

  A product with high aesthetics can charge more
• What is the relationship between price and promotion?

  High prices require matching premium promotion
• Why might a new product need more promotion?

  It is new to the market
• Why is location important for a surf business?

  It should be near a beach
• How can a business achieve competitive advantage through promotion?

  By creating a unique advertising campaign
• What is a unique selling proposition (USP)?

  A feature that differentiates a product
• What is one exam style question related to the marketing mix?

  Explain one factor that may influence the marketing mix

  
• What is another exam style question related to competitive advantage?

  Explain one way to achieve competitive advantage