5a. Using the Marketing Mix to Make Business Decisions - How the Elements of the Marketing Mix work Together

Why is the connection between the elements of the marketing mix important?

It ensures a cohesive marketing strategy, helping businesses effectively promote their products and achieve success

How does a change in one element of the marketing mix affect the others?

It can influence others (e.g., product positioning, promotion strategy, and distribution), impacting overall business success

What happens to the marketing mix as a product moves through different stages of its life cycle?

The marketing mix evolves at each stage, adjusting product, price, promotion, and place to match the product’s position in the market and maximize success

How can changes to the product can change the entire marketing mix?

It’s the core of the marketing mix as it’s what the customers is buying, all other elements are based on it since it determines the price, the target audience and the promotion strategy. If this changes then all other elements of the mix will likely need to change

How can changes to the price can change the entire marketing mix?

Closely linked to its perceived brand value:

• If a product is priced too high it may be perceived as too expensive by the target audience, leading to lower sales

• If a product is priced too low it may be perceived as low quality, leading to lower sales

Increasing the price may require changes to the promotion strategy, which are aimed at convincing consumers of the product value

How can changes to the promotion can change the entire marketing mix?

The strategy of this can affect the price and distribution channels e.g. If a business decides to launch a high-end promotion strategy, it may need to increase the price to reflect the product's value

How can changes to the place can change the entire marketing mix?

The distribution/sales channel can affect the price and promotion strategy e.g. if a business decides to use exclusive distribution channels, it may need to increase the price to reflect the exclusivity of the product