NCFE Level 1/2 Business & Enterprise: Marketing Mix Revision

These flashcards cover key concepts related to the Marketing Mix, Boston Matrix, pricing strategies, e-commerce benefits, and brand image.

What is the purpose of market research for a business?

To help a business understand customers and make informed decisions.

Which category in the Boston Matrix has high market share and high growth?

A Star.

What is meant by a brand image?

Brand image is how customers perceive a business or its products.

Name one factor that can influence a business’s brand image.

Advertising / product quality / customer service / social media presence.

State one method of distribution a business could use.

Retailers / wholesalers / direct to consumers.

What are the 4Ps of the Marketing Mix?

Price, Place, Promotion, Product.

How does price affect customer demand and business profitability?

Price determines how much customers pay for products or services, affecting demand and profitability.

What is the role of Place in the marketing mix?

Place involves distribution channels including physical stores, online platforms, and direct delivery to customers.

What is Promotion in the marketing mix?

Promotion involves advertising, sales promotions, and direct marketing to communicate and persuade customers.

What elements should work together in the marketing mix?

Product, price, promotion, and place should match each other to convey a clear and consistent message.

What is dynamic pricing?

Prices change depending on demand, time, or customer behavior.

What is cost-plus pricing?

Business adds a percentage (markup) to the cost of making the product to ensure profit.

What is price skimming?

High price at launch, lowered over time.

Explain one benefit of e-commerce to a business.

E-commerce allows a business to reach a wider audience because customers from anywhere can buy online.

What are sales promotions?

Short-term offers to encourage quick purchases.

What is the importance of unique selling points (USPs)?

USPs differentiate products from competitors.

What does the Boston Matrix categorize products into?

Stars, Question Marks, Cash Cows, and Dogs.

What is a benefit of having a strong brand image?

Customers are more likely to trust and recognize the business.