The Marketing Mix

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What do the 4P's stand for?
Price, Place, Product, Promotion
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What is the most important factor when making a product?
The product should statisfy customers' needs or wants
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Give and example of a situation where customers may choose to buy a particular product even though competeing products have a lower price
If the product is of better quality then the competition, then customers may be willing to pay a higher price
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What is meant by a 'Gap in the market'?
An opportunity in a market where no supplier provides a product or service that buyers need
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Why may a business need to adapt their Marketing Mix in the future?
If a businesses product changes then so may their target market. This means the business may have to adapt their price,place and promotion to fit the new market they have entered.
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What is most important when creating your marketing mix?
Promotion should make potential customers aware that the product exists and the product should be available in places convenient for people in the target market
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Other cards in this set

Card 2

Front

What is the most important factor when making a product?

Back

The product should statisfy customers' needs or wants

Card 3

Front

Give and example of a situation where customers may choose to buy a particular product even though competeing products have a lower price

Back

Preview of the front of card 3

Card 4

Front

What is meant by a 'Gap in the market'?

Back

Preview of the front of card 4

Card 5

Front

Why may a business need to adapt their Marketing Mix in the future?

Back

Preview of the front of card 5
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