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

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..

  Fix itAnswer 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..

  Fix itAnswer 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..

  Fix itAnswer 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..

  Fix itAnswer 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..

  Fix itAnswer 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..

  Fix itAnswer 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..

  Fix itAnswer 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..

  Fix itAnswer 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..

  Fix itAnswer 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..

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