Explain the marketing mix.
DefinitionExplanation should include
- the traditional elements (i.e., product, price, place, promotion, people) of the marketing mix
- the ways these elements are interrelated to get products from producer to consumer.
- Traditionally, professionals refer to product, price, place, and promotion as the four "Ps" of marketing. Why do some believe there should be five "Ps"—to include people as the fifth "P" in the marketing mix?
- What role does the marketing mix play in the marketing concept?
- How do the five elements of the traditional marketing mix interconnect (e.g., product and place, price and promotion)?
- Is any one element of the marketing mix more important than the others? Why, or why not?
- How is the marketing mix used to reach a target market?
- What role does profit play in the marketing mix?
Related Standards of Learning
History and Social Science
The student will apply social science skills to understand economic systems by
- identifying the basic economic questions encountered by all economic systems;
- comparing the characteristics of traditional, free market, command, and mixed economies, as described by Adam Smith and Karl Marx; and
- evaluating the impact of the government’s role in the economy on individual economic freedoms.
The student will apply social science skills to understand the role of government in the Virginia and United States economies by
- describing the provision of government goods and services that are not readily produced by the market;
- describing government’s establishment and maintenance of the rules and institutions in which markets operate, including the establishment and enforcement of property rights, contracts, consumer rights, labor-management relations, environmental protection, and competition in the marketplace;
- investigating and describing the types and purposes of taxation that are used by local, state, and federal governments to pay for services provided by the government;
- analyzing how Congress can use fiscal policy to stabilize the economy;
- describing the effects of the Federal Reserve’s monetary policy on price stability, employment, and the economy; and
- evaluating the trade-offs in government decisions.
The student will apply social science skills to understand key events during the 1920s and 1930s by
- analyzing how popular culture evolved and challenged traditional values;
- assessing and explaining the economic causes and consequences of the stock market crash of 1929;
- explaining the causes of the Great Depression and its impact on the American people; and
- evaluating and explaining how Franklin D. Roosevelt’s New Deal measures addressed the Great Depression and expanded the government’s role in the economy.
The student will analyze the characteristics of the Sub-Saharan African region by
- identifying and analyzing the location of major geographic regions and major cities on maps and globes;
- describing major physical and environmental features;
- explaining important economic characteristics; and
- recognizing cultural influences and landscapes.