(Optional) Explain the components of the marketing mix.
Explanation should include the traditional elements of the marketing mix (i.e., product, price, place, promotion) and their interrelationship. Additional elements of the mix could include people, packaging, and positioning.
Explanation should emphasize the concept that the mix will create a well-defined target market, and decisions that follow will be directed toward that target audience.
Process/Skill Questions:
- What is meant by the marketing concept? What role does the marketing mix play in the marketing concept?
- How are the elements of the marketing mix interconnected?
- How does the marketing mix influence the promotional mix?
- What is the connection between product and place? Between price and promotion?
- Why do some believe there should be five Ps—to include people as the fifth P in the marketing mix?
- How often should the marketing mix be revised? Why?
- What are the most efficient methods for promoting a small business's products/services?
- How is the marketing mix used to reach a business's target market?
- How can a business know that its marketing mix is reaching its target market?
- How does the marketing mix reflect current market conditions, and how does that change with the market?