Question 1: Define the term 'Marketing Mix' and explain its importance for a business.

Answer: The Marketing Mix refers to the four key elements—Product, Price, Place, and Promotion—that a business uses to meet customer needs and achieve its marketing objectives. It is important because it helps businesses coordinate their marketing strategies effectively.

Question 2: Identify and describe three factors a business should consider when deciding on a pricing strategy.

Answer: Factors include: 1) Cost of production to ensure profits; 2) Competitor prices to remain competitive; 3) Customer willingness to pay based on perceived value.

Question 3: Imagine a new sports drink is being launched. Describe two promotional activities a business could use to attract customers.

Answer: The business could use social media advertising to reach a wide audience and offer free samples in gyms or sports events to encourage trial.

Question 4: Explain how a business might choose its distribution channels to reach its target customers effectively.

Answer: A business considers where its target customers shop, whether online or in physical stores, and chooses channels like supermarkets, convenience stores, or online platforms that are most accessible to them.

Question 5: Draw a diagram that shows the four elements of the marketing mix as interconnected circles. Leave space for students to sketch.

Answer: A Venn diagram with four overlapping circles labeled Product, Price, Place, and Promotion, demonstrating their interconnectedness in marketing strategy.

Question 6: Provide an example of a product and suggest how the business could adapt its marketing mix to appeal to a different target market.

Answer: Example: A luxury watch. To target younger customers, the business could lower the price slightly, promote through social media influencers, and sell online instead of in high-end stores.

Question 7: Explain what is meant by 'place' in the marketing mix and give two examples of distribution methods.

Answer: 'Place' refers to how and where a product is sold to customers. Examples include selling through online stores and in physical retail shops.

Question 8: Describe how a business might change its promotion strategy during a holiday season.

Answer: The business might increase advertising, offer special discounts, or run holiday-themed promotions to attract more customers during that period.

Question 9: Identify one advantage and one disadvantage of selling products exclusively online.

Answer: Advantage: Lower overhead costs and wider reach; Disadvantage: Less personal customer service and limited physical experience.

Question 10: Sketch a simple promotional poster for a new eco-friendly backpack. Include key elements such as the slogan, images, and call to action.

Answer: A clear, eye-catching poster featuring the product, a catchy slogan like 'Go Green, Stay Stylish!', an image of the backpack, and a call to action such as 'Buy Now at www.ecobackpack.com'.