1.4.3 The marketing mix - Word Drop

The marketing mix is the combination of four elements that a business uses to meet the needs of its customers. The amount a customer pays for a product is the ______. The good or service itself, including its design and quality, is the ______. Persuading customers to buy through advertising is ______. ______ is the shop, website or app where customers buy the product.

The four elements must be ______ so that they work well together, and changing one element affects the others. A business adjusts the mix to suit its ______, the group of customers it is aiming at. Where several firms sell similar goods, a business faces strong ______, so it may cut its price or spend more on promotion.

Customer needs change over time. A change in the usual buying habits of consumers is called a ______, and the mix must be updated to match it.

Technology has changed the mix as well. Buying and selling goods over the internet is called ______, which allows a business to sell without a shop. Businesses also advertise on ______, platforms such as Instagram and Facebook where they can post offers to followers.