Question 1: Define the term 'product' within the context of the marketing mix.

Answer: The 'product' refers to the good or service offered by a business to meet customer needs and wants.

Question 2: Explain how a business might adjust its pricing strategy to attract more customers during a sales period.

Answer: A business could reduce prices temporarily through discounts or special offers to encourage more sales and attract price-sensitive customers.

Question 3: Describe two ways a retailer might decide where to sell their products.

Answer: They might choose locations with high foot traffic, such as shopping centres, or sell online to reach a wider audience.

Question 4: Identify and explain two promotional methods that a business could use to increase awareness of a new product.

Answer: They could use social media advertising to target specific audiences or run a promotional event or launch to generate excitement and media coverage.

Question 5: Explain the importance of branding as part of the 'Product' element of the marketing mix.

Answer: Branding helps distinguish a product from competitors, create customer loyalty, and communicate the product’s value and qualities.

Question 6: Sketch a simple diagram of a promotional mix, including at least three different promotional techniques. Label each part.

Answer: A diagram showing a central circle labeled 'Promotional Mix' with three branches pointing out to labels such as 'Advertising', 'Sales Promotions', and 'Personal Selling'.

Question 7: A company wants to expand into a new geographical area. How might this affect its 'Place' component of the marketing mix?

Answer: They might need to establish new distribution channels, open new stores, or partner with local retailers to ensure their products are accessible in the new area.

Question 8: Draw a simple plan or layout for a retail store that maximizes customer flow and product visibility.

Answer: A sketch showing entry at one corner, with clear pathways leading to key product displays, and checkout near the exit to facilitate movement and impulse purchases.

Question 9: Discuss how a business could use digital marketing to enhance its 'Promotion' strategy.

Answer: They could use social media advertising, email marketing, and search engine optimization to reach a larger online audience and promote their products effectively.

Question 10: Identify one potential challenge a business might face when changing its 'Price' strategy and suggest a way to overcome it.

Answer: A challenge could be losing profit margins; this can be overcome by reducing costs or increasing sales volume to compensate for lower prices.