1.4.3 The marketing mix

• The 'Product' element of the marketing mix refers to what is being sold
• The 'Price' element of the marketing mix impacts profitability and customer perception
• What does the term "product" refer to in marketing?

  Satisfying customer needs
• The marketing mix consists of the 4Ps: Product, Price, Place, and Promotion
• Branding creates a unique identity for a product to enhance recognition and loyalty
• The marketing mix ensures a business effectively reaches its target audience.


  True
• Benefits are the advantages customers gain from a product.


  True
• What is an example of a benefit of the iPhone?

  Fast internet speed
• Cost-plus pricing adds a profit margin to the total cost
• What factors influence the choice of pricing strategy?

  Business objectives, market conditions
• What is the primary goal of sales promotion?

  Boost short-term sales
• Match the logistics activity with its description:

  Transportation ↔️ Moving products to customers

  Warehousing ↔️ Storing products securely

  Inventory Management ↔️ Tracking product levels
• The Product element of the marketing mix focuses on the design, features, and brand
• The Promotion element of the marketing mix includes all marketing activities
• Steps in developing a marketing mix for a new smartphone

  1️⃣ Define the target market

  2️⃣ Identify product features

  3️⃣ Determine competitive pricing

  4️⃣ Choose distribution channels

  5️⃣ Create promotional campaigns
• The 'Product' element encompasses features, benefits, and branding
• The 4Ps of the marketing mix must work together to satisfy the target audience.


  True
• Features are the attributes and characteristics of a product
• An example of a product feature is the touchscreen of an iPhone
• What is the key feature of cost-plus pricing?

  Ensures minimum profitability
• Advertising aims to build long-term brand recognition.


  True
• What is an advantage of using indirect distribution channels?

  Wider reach
• What are the 4Ps of the marketing mix?

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

  Distribution channels
• What is an example of a distribution channel for a new smartphone?

  Company's website
• Aligning the 4Ps creates a cohesive and effective marketing strategy.


  True
• What is the purpose of branding in marketing?

  Enhance recognition and loyalty
• Match the product element with its definition:

  Features ↔️ Attributes of the product

  Benefits ↔️ Advantages for customers

  Branding ↔️ Product identity
• Competitive pricing may require businesses to sacrifice profit margins.


  True
• Steps in the promotional process using advertising and sales promotion

  1️⃣ Advertising: Build brand awareness

  2️⃣ Sales Promotion: Offer temporary incentives

  3️⃣ Increase immediate purchases
• A direct distribution channel involves selling directly to customers
• Effective logistics ensures products are delivered to the right place at the right time.


  True
• The Price element of the marketing mix considers customer perception and profitability.


  True
• A smartphone's long battery life is an example of a product feature.


  True
• Where might a company selling a new smartphone distribute its product?

  Major electronics retailers