The marketing mix & Competitive advantage

• What is the integrated marketing mix commonly referred to as?

  4 Ps
• How do the 4 Ps relate to each other?

  They are interconnected
• What does the competitive environment refer to?

  Presence of competitors
• What is a monopoly in terms of competition?

  Single seller dominates the market
• What does it mean to undercut competitors?

  Charge a lower price than competitors
• What is a price war?

  Two businesses lower prices to increase sales
• What is brand loyalty?

  Customers who return frequently
• What is market share?

  % total sales held by one business
• What is a competitive advantage?

  Something that makes a business better
• What is legal protection for a product called?

  Patent
• What is copyright protection for?

  Creativity like designs, music, films
• What are the interconnected elements of the marketing mix?

  • Product
  • Price
  • Place
  • Promotion
• What factors influence which P is most important in the marketing mix?

  • Type of product (luxury vs basic)
  • Type of customers
  • Competitors' actions
• Why might the marketing mix change?

  • Level of demand
  • Feedback from customers
  • Changes in technology (e.g., social networks)
  • New competitor joins the market
• What is one factor that affects the marketing mix?

  Competitive environment
• How does a monopoly affect product quality?

  It typically results in lower quality products
• What pricing strategy is used in a monopoly market?

  High price
• How does an oligopoly influence brand strength?

  It leads to strong brand advertising
• What is a key consideration in competitive cost?

  It is important in market design mix
• What pricing strategy is common in competitive markets?

  Similar price to competitors
• What is a common pricing strategy in oligopoly markets?

  Low price