Theory question 104
Marketing Mix(a) List two components each of the 4p's of marketing.
(b) List and explain four external factors affecting the marketing environment.
Show the model answer
(a) Product: quality, design, features, brand name, packaging, size, warranty (any two).
Price: list price, discounts, allowances, credit terms, payment period (any two).
Place: channels, outlets/locations, transport, warehousing, inventory, coverage (any two).
Promotion: advertising, sales promotion, personal selling, publicity/public relations, direct marketing (any two).
(b) Any four, explained: political-legal (laws, government policy); economic (income, inflation, interest rates); social-cultural (values, beliefs, lifestyles); technological (new inventions); demographic (population size, age, sex); competitive (rivals' actions); natural/physical (climate, resources); suppliers, intermediaries and customers (micro-environment).
Give each point as a full sentence, with an example where possible.