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Qualifications Cambridge National Enterprise & Marketing Topic Area 4: Creating a marketing mix to support a product

4.2 Marketing mix elements working together

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What is the name for the set of four elements, product, price, place and promotion, that a business blends together to sell a product successfully?
Marketing mix
What is meant by 'brand image'?
The impression customers have of a business and its products
What is the name for the group of customers whose needs a business aims to satisfy with its products?
Target market
What is the name for charging customers a high amount because they see a product as being of high quality or luxury?
Premium pricing
What is meant by 'competition based pricing'?
Setting a price by looking at what rival businesses charge for similar products
What is meant by 'marketing strategy'?
A plan for using the marketing mix to satisfy the target market
What does it mean when the elements of the marketing mix are said to work together?
The choices about each element are made to support each other
A business wants its brand image to be seen as premium. What does this mean?
Customers see the products as high quality and worth a high price
A business wants customers to see its new fountain pens as a premium product. Which mix of decisions best supports this?
High price, sold in an upmarket stationery shop, advertised in a lifestyle magazine
A business sets a high price for a product that customers believe is poor quality. What is the most likely result?
Few customers will buy it
Why can a shop charge higher prices when it is located in an affluent area?
Customers there can afford to pay more
A business prices its products at a premium level. Which style of advertising is most appropriate?
A high quality, high contrast, interactive website
What is the likely result if a business promotes a good product to the wrong audience?
The product will not sell well
A luxury handbag brand starts selling its bags in a budget supermarket. What is the likely effect on the brand image?
The brand will seem less exclusive
A business targets price conscious families. Which mix of decisions best fits this target market?
Low prices, discounts and adverts on family social media pages
A jewellery business wants a premium image but its local shop is on an unattractive street. How does selling online help?
It can sell to customers anywhere without relying on a shop
A clothing brand is seen by customers as old fashioned and poor value. Which set of changes would best improve its brand image?
Launching improved designs, raising prices and selling through specialist shops
A cake maker starts offering a personal delivery service to customers' homes. What is the most likely effect on the rest of its marketing mix?
It will need to charge a higher price to cover the cost of delivering
An advert makes a product look expensive and high quality, but the product is actually sold at a low price. Why might this put customers off?
The price does not match the value that customers expected
A business spends a lot of money promoting a product that customers find poor quality. What is the most likely outcome?
Customers will not buy the product again after their first purchase
A well known toy company charges more than its rivals for similar products. Why can it do this?
Customers trust the brand and believe its products are better