5.3 The marketing mix

• Match the 4 Ps with their definitions:

  Product ↔️ The goods or services offered by the business

  Price ↔️ The amount customers pay for the product

  Promotion ↔️ How the business communicates with customers

  Place ↔️ How and where the product is made available
• What are the four components of the marketing mix commonly referred to as?

  The 4 Ps
• The 4 Ps are essential decisions a business must make when marketing its products or services.

  True
• The Product component refers to the goods or services offered by the business
• What is the basis for value-based pricing?

  Perceived customer value
• The Product component refers to the goods or services offered by the business
• What is the marketing mix often referred to as?

  The 4 Ps
• What does the "Place" component of the marketing mix refer to?

  Product availability
• The design, functionality, or quality of a product is considered a feature
• Cost-plus pricing involves adding a markup to the product's cost of production.


  True
• What is the marketing mix often described as?

  The 4 Ps
• The Product component refers to the goods or services offered by the business
• The features of a product are characteristics that make it unique.


  True
• Businesses use various pricing strategies to set the price of their products.
• Cost-plus pricing involves adding a markup to the product's cost of production.


  True
• What does the Promotion component of the marketing mix involve?

  Customer communication
• The "Product" in the marketing mix refers to the goods or services offered by the business
• The "Promotion" in the marketing mix focuses on communicating with and persuading customers
• What is a benefit of using a product?

  Improved convenience
• What is the goal of penetration pricing?

  Gain market share
• What is an advantage of direct distribution for a business?

  More control
• Common promotional methods in order of cost

  1️⃣ Sales promotion

  2️⃣ Public relations

  3️⃣ Personal selling

  4️⃣ Advertising
• Direct distribution involves selling through intermediaries like wholesalers or retailers.

  False
• Match the distribution strategy with its example:

  Direct distribution ↔️ Luxury brand selling through own store

  Indirect distribution ↔️ Mass-market product sold in retail stores
• Personal selling involves face-to-face interaction between sales staff and customers.


  True
• Balancing the 4 Ps is essential for delivering value to customers.

  True
• The marketing mix is often described as the 4 Ps
• The 4 Ps represent the key decisions a business must make when marketing its products or services.


  True
• Match the 4 Ps with their definitions:

  Product ↔️ The goods or services offered by the business

  Price ↔️ The amount customers pay for the product

  Promotion ↔️ How the business communicates with customers

  Place ↔️ How and where the product is made available
• What is the primary focus of the Product component in the marketing mix?

  Goods or services
• What is the purpose of ensuring the product aligns with target market expectations?

  Competitive positioning
• Match the pricing strategy with its description:

  Cost-plus pricing ↔️ Adding a markup to production cost

  Penetration pricing ↔️ Low initial price to gain market share

  Skimming pricing ↔️ High initial price for premium customers

  Competition-based pricing ↔️ Price based on competitor prices
• Which of the 4 Ps focuses on how the product reaches customers?

  Place
• The marketing mix is a combination of marketing tools businesses use to achieve their objectives.


  True
• The "Price" in the marketing mix refers to the amount customers pay for the product.

  True
• What are key elements of the "Product" component in the marketing mix?

  Features, benefits, brand image, packaging
• Common pricing strategies in order of complexity

  1️⃣ Cost-plus pricing

  2️⃣ Penetration pricing

  3️⃣ Skimming pricing

  4️⃣ Competition-based pricing

  5️⃣ Value-based pricing
• Skimming pricing involves setting a high initial price to target premium customers.
• Indirect distribution involves selling through intermediaries
• What is the purpose of sales promotion in marketing?

  Encourage immediate purchase