Competitive Marketing Mix Flashcards

1️⃣ Familiarise yourself with the flashcards:

  • Look through all the flashcards to see what's on both sides.
  • Make sure you understand the information on each card. If something's unclear, click the link to the revision notes at the bottom of the page for more details.

2️⃣ Test yourself:

  • Look at the question or prompt on each card and try to remember the answer before flipping it over.
  • Check the answer and make a note of any cards you find challenging and need to go over more.

3️⃣ Consistently Review and Practice:

  • Use spaced repetition: spend more time on the cards you struggle with and go over them more often.
  • Regularly review all the flashcards to help you better understand and retain the information over time.

Note: We may include questions that have multiple correct answers. It's useful to remember specific examples to understand these concepts better.

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What is a competitive marketing mix?

The way a business sets its product, price, promotion, and place to beat rivals and win customers.

What is the main aim of using a competitive marketing mix?

To stand out from rivals, attract the target market, and grow sales or market share.

What are the four Ps in a competitive marketing mix?

Product, Price, Promotion, and Place.

What does USP stand for, and why does it matter?

Unique Selling Point; it helps a product stand out from rivals.

How can a business use product to compete?

Offer better quality, design, or features than rivals, linked to its USP.

How can a business use price to compete?

Match or lower prices than rivals, or give more value for the same price.

What is non-price competition?

Competing using product, promotion, or place, rather than cutting price.

How can promotion help a firm compete?

Use adverts and deals to reach the target market and show the USP.

How can place help a firm compete?

Make the product easy to buy, for example more shops or faster delivery.

Why must the four Ps work together?

They must fit the brand and target market. Changing one P affects the others.

What should a business do before setting its competitive marketing mix?

Find out what customers want and study what rivals do with the four Ps.

Why should a firm review its competitive marketing mix regularly?

Because rivals and customer needs change, so the mix must be updated to stay effective.