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Using your knowledge of business, assess the importance of the product to Beats Electronics when developing a competitive marketing mix. - Edexcel - GCSE Business - Question 10 - 2015 - Paper 1
Question 10
Using your knowledge of business, assess the importance of the product to Beats Electronics when developing a competitive marketing mix.
Worked Solution & Example Answer:Using your knowledge of business, assess the importance of the product to Beats Electronics when developing a competitive marketing mix. - Edexcel - GCSE Business - Question 10 - 2015 - Paper 1
Step 1
Identify the importance of the product to Beats Electronics
Answer
The product is central to Beats Electronics' identity and brand image. Known for high-quality audio products, the success of the brand relies heavily on the innovation and appeal of these products. The product differentiation strategy employed (such as design, sound quality, and brand partnerships) positions Beats favorably against competitors.
Step 2
Assess the impact on the marketing mix
Answer
When developing a competitive marketing mix, Beats must consider the 4 Ps: Product, Price, Place, and Promotion. The product needs to stand out in quality and branding, which influences pricing strategies like premium pricing. Distribution channels (Place) also emphasize exclusive retailers to maintain brand image, while promotion strategies align with celebrity endorsements to boost visibility and attract target demographics.