NAT 5 Business

• What is the Marketing Mix?


  A set of tools and tactics that businesses use to promote their products or services in the market
• What are the four key elements of the Marketing Mix?


  Product, Price, Place, and Promotion
• How do the elements of the Marketing Mix work together?


  They help a business meet its marketing objectives and satisfy customer needs
• What does 'Product' refer to in the Marketing Mix?

  The goods or services that a business offers to its customers
• When Apple launches a new iPhone, which elements of the Marketing Mix do they consider?

  Product features, price point, where it will be sold, and how they'll advertise it
• What are the components of a product in the Marketing Mix?


  Features, quality, design, branding, and packaging
• How does Cadbury's Dairy Milk chocolate bar exemplify the 'Product' element?

  It has specific features, quality, design, branding, and packaging
• What is 'Price' in the context of the Marketing Mix?

  The amount of money customers pay for the product or service
• Why is price a crucial element of the Marketing Mix?

  It directly affects profitability and customer perception
• What are the key aspects of pricing strategies?

  Cost-plus pricing, competitive pricing, value-based pricing, and psychological pricing
• What pricing strategy would a new coffee shop in London use to establish itself as a premium brand?

  Set prices higher than average competitors
• How might Tesco price its own-brand cola compared to Coca-Cola?

  Price it lower to attract price-sensitive customers
• What does 'Place' refer to in the Marketing Mix?

  How and where the product is made available to customers
• What are the components of the 'Place' element in the Marketing Mix?

  Distribution channels, location, logistics, and market coverage
• How does Greggs exemplify the 'Place' element in the Marketing Mix?

  By having over 2,000 shops nationwide for wide accessibility
• What strategy should a small, independent bookshop in Manchester use to expand its customer base?

  Setting up an online store to sell books nationwide
• What does 'Promotion' involve in the Marketing Mix?

  All the methods a business uses to communicate with its target audience about its products or services
• What are the methods included in the 'Promotion' element of the Marketing Mix?


  Advertising, public relations, sales promotion, personal selling, direct marketing, and social media marketing
• What promotional strategy would be most effective for a new local bakery with a limited budget?

  Creating a social media campaign on platforms like Instagram and Facebook
• How does social media marketing benefit a local bakery?

  It allows targeting local customers and showcasing visual products at a low cost