Marketing Mix 0.0 / 5 ? Business StudiesMarketing mixASAll boards Created by: hamishcCreated on: 12-04-16 21:18 What is marketing mix? The factors that firms consider when marketing a product 1 of 14 List the 7 p's Product, Price, Place, Promotion, People, Physical environment, Process 2 of 14 List factors influencing marketing mix Competitors, target market segment, product position, location of business, type of product 3 of 14 Influence of competitors Price of the product may be affected by price of a similar product 4 of 14 Influence of target market segment Price will be affected if the target market have high levels of disposable income 5 of 14 Influence of product position Place where the product is sold may be affected by the quality of the product 6 of 14 Influence of type of product Promotion and physical environment aren't important if your selling plastic cups 7 of 14 List the resources that affect marketing mix Corporate objectives, finances, software, brand image, knowledge and skills of employees 8 of 14 Influence of corporate objectives If a business wants to improve brand loyalty, it may give promotions on prices for frequent customers 9 of 14 Influence of finances Finance may affect the type of promotion a small business can afford 10 of 14 Influence of software If a company doesn't have the right software, it will have to spend more on promotion 11 of 14 Influence of brand image Firms with good brand images can afford to increase their prices 12 of 14 Influence of knowledge and skills of employees May allow a business to justify an increase in price 13 of 14 Why do business's alter their marketing mix? To keep up with a dynamic market and stay competitive 14 of 14
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