Question 1: Define the term 'marketing mix' and explain why it is important for a business to consider all four elements when launching a new product.

Answer: The marketing mix refers to the combination of four elements—Product, Price, Place, and Promotion—that a business uses to meet customer needs and achieve its marketing objectives. It is important because balancing these elements helps a business attract customers, satisfy their needs, and gain a competitive advantage.

Question 2: Describe two different strategies a clothing retailer might use to promote a new fashion line.

Answer: The retailer might use social media advertising to reach a large audience and organize a launch event with fashion influencers to generate interest and excitement.

Question 3: Explain how pricing strategies can influence consumer perceptions of a product. Provide two examples of pricing approaches.

Answer: Pricing strategies can affect how customers perceive the quality and value of a product. For example, setting a high price can create an image of luxury and exclusivity, while offering discounts or competitive pricing can attract price-sensitive customers.

Question 4: Imagine you are launching a new eco-friendly water bottle. Suggest two appropriate distribution channels and justify your choices.

Answer: You might sell the water bottles online through the company’s website to reach a wide audience and in health food stores to target environmentally conscious consumers. These channels align with the product’s eco-friendly appeal and target market.

Question 5: List three promotional methods a new sports drink could use to increase brand awareness.

Answer: Sampling at sports events, social media campaigns with fitness influencers, and advertising in sports magazines.

Question 6: Draw a simple diagram to illustrate the concept of the marketing mix. Label each of the four Ps clearly.

Answer: A diagram with four interconnected sections or quadrants, each labeled: Product, Price, Place, Promotion. The diagram should visually show that all four are components of the marketing mix and are interconnected.

Question 7: Explain how the choice of distribution channels (Place) can affect the success of a luxury watch brand.

Answer: Using exclusive boutiques or high-end department stores enhances the brand’s image of luxury and exclusivity, attracting customers willing to pay premium prices. Wide distribution in discount stores could damage its premium perception.

Question 8: Identify and explain two factors a business should consider when deciding on the pricing of a new product.

Answer: The business should consider the cost of production to ensure profitability and analyze competitors’ prices to stay competitive in the market.

Question 9: Describe how a promotional campaign can support a business’s overall marketing strategy and increase sales.

Answer: A promotional campaign can raise awareness about the product, attract new customers, and encourage existing customers to buy more, thereby supporting the business’s goal of increasing sales and market share.

Question 10: Sketch a simple promotional poster for a new eco-friendly backpack. Use the space below and include the key message or slogan.

Answer: A sketch showing an environmentally friendly backpack, possibly with images of nature or recycled materials, and a clear slogan such as 'Gear Up Green' or 'Sustainable Style'. The design should be eye-catching and convey eco-friendliness.