The elements of the marketing mix: price, product, promotion and place common mistakes

Price common mistake 1

Giving a vague answer instead of directly addressing: Explain features and impacts of price skimming, price penetration, competitive pricing, loss leader and cost-plus pricing..

Answer by clearly explaining how to explain features and impacts of price skimming, price penetration, competitive pricing, loss leader and cost-plus pricing..

Price common mistake 1

Giving a vague answer instead of directly addressing: Explain factors influencing pricing decisions, including costs, market nature, competition and product life cycle..

Answer by clearly explaining how to explain factors influencing pricing decisions, including costs, market nature, competition and product life cycle..

Price common mistake 1

Giving a vague answer instead of directly addressing: Evaluate factors and assess suitable pricing methods for a given business..

Answer by clearly explaining how to evaluate factors and assess suitable pricing methods for a given business..

Price common mistake 1

Giving a vague answer instead of directly addressing: Explain the basic relationship between price and demand..

Answer by clearly explaining how to explain the basic relationship between price and demand..

Product common mistake 1

Giving a vague answer instead of directly addressing: Explain benefits and risks of developing new products..

Answer by clearly explaining how to explain benefits and risks of developing new products..

Product common mistake 1

Giving a vague answer instead of directly addressing: Explain the importance of product design, image and target-market needs..

Answer by clearly explaining how to explain the importance of product design, image and target-market needs..

Product common mistake 1

Giving a vague answer instead of directly addressing: Explain product differentiation through unique selling point and brand image..

Answer by clearly explaining how to explain product differentiation through unique selling point and brand image..

Product common mistake 1

Giving a vague answer instead of directly addressing: Explain the product life cycle and how demand may change over time..

Answer by clearly explaining how to explain the product life cycle and how demand may change over time..

Product common mistake 1

Giving a vague answer instead of directly addressing: Evaluate extension strategies and when they are suitable..

Answer by clearly explaining how to evaluate extension strategies and when they are suitable..

Product common mistake 1

Giving a vague answer instead of directly addressing: Explain how and why businesses broaden and balance product portfolios using the Boston Matrix..

Answer by clearly explaining how to explain how and why businesses broaden and balance product portfolios using the Boston Matrix..

Product common mistake 1

Giving a vague answer instead of directly addressing: Identify and explain the four categories of the Boston Box..

Answer by clearly explaining how to identify and explain the four categories of the Boston Box..

Promotion common mistake 1

Giving a vague answer instead of directly addressing: Explain promotional methods likely to be used by a given business, including advertising, PR, sales promotion, sponsorship and social media..

Answer by clearly explaining how to explain promotional methods likely to be used by a given business, including advertising, PR, sales promotion, sponsorship and social media..

Promotion common mistake 1

Giving a vague answer instead of directly addressing: Explain benefits and drawbacks of promotional methods..

Answer by clearly explaining how to explain benefits and drawbacks of promotional methods..

Do not turn PR, promotion, promotional mix into a generic The elements of the marketing mix: price, product, promotion and place point

A weak response about CraftCrate defines PR, promotion, promotional mix but gives no link to average transaction value, ?5,162, or the local community. It may also confuse internal finance versus external finance.

Start with the business evidence, explain how Promotion changes the decision, then judge whether the benefit outweighs the cost or risk for CraftCrate. Separate internal finance versus external finance before writing the final recommendation.

Promotion common mistake 1

Giving a vague answer instead of directly addressing: Explain reasons for promotion, including informing, reminding, increasing sales, changing image and persuading customers..

Answer by clearly explaining how to explain reasons for promotion, including informing, reminding, increasing sales, changing image and persuading customers..

Place and digital channels common mistake 1

Giving a vague answer instead of directly addressing: Explain channels of distribution used by businesses, including retailers, wholesalers and telesales..

Answer by clearly explaining how to explain channels of distribution used by businesses, including retailers, wholesalers and telesales..

Place and digital channels common mistake 1

Giving a vague answer instead of directly addressing: Analyse the appropriateness of distribution methods for a given scenario..

Answer by clearly explaining how to analyse the appropriateness of distribution methods for a given scenario..

Place and digital channels common mistake 1

Giving a vague answer instead of directly addressing: Analyse the growing importance of e-commerce and m-commerce in extending business reach to international markets..

Answer by clearly explaining how to analyse the growing importance of e-commerce and m-commerce in extending business reach to international markets..

Place and digital channels common mistake 1

Giving a vague answer instead of directly addressing: Identify benefits and drawbacks of using e-commerce and m-commerce..

Answer by clearly explaining how to identify benefits and drawbacks of using e-commerce and m-commerce..

Integrated marketing mix common mistake 1

Giving a vague answer instead of directly addressing: Explain why the four elements of the marketing mix must work together..

Answer by clearly explaining how to explain why the four elements of the marketing mix must work together..

Integrated marketing mix common mistake 1

Giving a vague answer instead of directly addressing: Recommend appropriate marketing activities for a given business..

Answer by clearly explaining how to recommend appropriate marketing activities for a given business..

Integrated marketing mix common mistake 1

Giving a vague answer instead of directly addressing: Explain how the marketing mix evolves over time..

Answer by clearly explaining how to explain how the marketing mix evolves over time..

Integrated marketing mix common mistake 1

Giving a vague answer instead of directly addressing: Evaluate how businesses may react to changes in the marketing mix..

Answer by clearly explaining how to evaluate how businesses may react to changes in the marketing mix..