2.4 The Marketing Mix

• What does the "Price" in the Marketing Mix represent?

  The amount customers pay
• The "Place" in the Marketing Mix refers to how and where the product is made available to customers
• What does "Quality" refer to in the "Product" element?

  Reliability of the product
• Match the key product decisions with their descriptions:

  Product Design ↔️ Features, quality, functionality

  Product Range ↔️ Variety of products offered

  Branding ↔️ Positioning in the market

  Packaging ↔️ Design, materials, information
• What is the "Cost-Plus Pricing" strategy?

  Adding a markup to costs
• Which pricing strategy maximizes profitability by reflecting perceived value?

  Value-Based Pricing
• Value-based pricing reflects the perceived value to the customer
• Match the pricing strategy with its description:

  Cost-Plus Pricing ↔️ Adds a percentage markup to production costs

  Competitive Pricing ↔️ Sets prices based on competitors' offerings

  Value-Based Pricing ↔️ Reflects the perceived value to the customer
• Effective pricing ensures alignment with marketing objectives.

  True
• Online commerce has lower overhead costs compared to retail stores.


  True
• The 4 Ps represent the key decisions in marketing products or services.

  True
• What are three reasons businesses focus on product decisions?

  Fulfill desires, differentiate, establish identity
• What are three factors influencing pricing decisions?

  Costs, competition, demand
• What are two types of distribution channels?

  Direct and indirect
• Match the channel type with its description:

  Direct ↔️ Selling directly to consumers

  Indirect ↔️ Selling through wholesalers or retailers
• Objectives of promotion in the correct order:

  1️⃣ Raise Awareness

  2️⃣ Inform Customers

  3️⃣ Persuade Customers

  4️⃣ Remind Customers
• One objective of promotion is to persuade customers to choose the business's products over competitors.


  True
• Coca-Cola uses TV advertising to build brand awareness
• Balance in the marketing mix ensures that each element supports the others.

  True
• The Marketing Mix is most effective when the 4 Ps are balanced and coordinated
• What are the 4 Ps of the Marketing Mix?

  Product, Price, Promotion, Place
• What does the Marketing Mix commonly refer to?

  The 4 Ps
• What do the 4 Ps represent in the Marketing Mix?

  Key business decisions
• The "Design" of a product refers to its visual appeal and functionality
• What is the role of "Branding" in product decisions?

  Positioning in the market
• Cost-Plus Pricing is simple to calculate but ignores market demand.


  True
• Match the pricing strategies with their descriptions:

  Cost-Plus Pricing ↔️ Markup on production costs

  Competitive Pricing ↔️ Based on competitors' prices

  Value-Based Pricing ↔️ Reflects perceived customer value
• What are costs in the context of pricing decisions?

  Expenses for production
• Cost-plus pricing is simple to calculate but ignores market demand
• Match the distribution channel with its advantage:

  Retail Stores ↔️ Allows customers to inspect products

  Online/E-commerce ↔️ Wider geographic reach

  Wholesalers/Distributors ↔️ Reduces distribution workload
• What three factors influence the choice of distribution channels?

  Accessibility, convenience, availability
• What are four attributes of the product element in the marketing mix?

  Quality, design, branding, packaging
• The price element of the marketing mix influences sales and profitability.


  True
• The place element involves distribution channels
• The Place element of the marketing mix refers to how and where products or services are made available to customers
• The Promotion element of the marketing mix refers to how a business communicates with and persuades customers
• Match the promotional method with its description:

  Advertising ↔️ Using media to raise awareness

  Personal Selling ↔️ Direct interaction to persuade customers

  Public Relations ↔️ Building positive relationships
• Premium pricing is used by Apple for its iPhones due to the perceived value
• Match the "Place" example with its description:

  Exclusive Retail Stores ↔️ Apple sells through its own stores

  Online Marketplaces ↔️ Gillette sells on Amazon

  Wholesale Distribution ↔️ Coca-Cola partners with distributors
• Balance in the Marketing Mix ensures that each element supports the others, ultimately meeting customer needs