Marketing Mix

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

Card 2

Front

List the 7 p's

Back

Product, Price, Place, Promotion, People, Physical environment, Process

Card 3

Front

List factors influencing marketing mix

Back

Preview of the front of card 3

Card 4

Front

Influence of competitors

Back

Preview of the front of card 4

Card 5

Front

Influence of target market segment

Back

Preview of the front of card 5
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