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The elements of the marketing mix: price, product, promotion and place common mistakes
Study The elements of the marketing mix: price, product, promotion and place with curriculum-aligned Common Mistakes resources, practice links, and exam-focused support.
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common mistakes
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The elements of the marketing mix: price, product, promotion and place
Common mistakes
Confusing market share with market size
Assuming that a company's market share equals the total market sales.
Fix itMarket share is the proportion of total market sales that a company captures, while market size is the overall sales volume of the market.
Mixing up product and service mix
Assuming the product mix only refers to physical goods.
Fix itThe product mix includes all goods and services a firm offers; the service mix is a subset of the product mix.
Confusing market share with market size
Thinking that market share is the same as the total market size.
Fix itMarket size is the total sales volume in a market; market share is the proportion of that volume that a particular firm captures.
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