1.3 Marketing mix and strategy

Question 1

What is marketing mix?

Answer 1

The range of features of a product to make it as good as it can be.

Question 2

What are 3 factors that make the marketing mix?

Answer 2

Price/cost
Product
Place
Promotion

Question 3

What are ethical supply chains?

Answer 3

When the payment of raw materials is distributed evenly to everyone.

Question 4

What is waste minimization?

Answer 4

Reducing the volume of materials being wasted or disposed.

Question 5

What is branding?

Answer 5

The reputation of a business.

Question 6

What are 4 examples of businesses with a strong brand?

Answer 6

Apple, Google, Nike, Adidas

Question 7

What is the promotional mix?

Answer 7

A combination of marketing methods that include advertisement.

Question 8

What are 5 positive impacts of having a strong brand image?

Answer 8

Increase in brand recognition, Low price elasticity of demand,Increase in customer loyalty,Positive wording and Employees proud to work there.

Question 9

What are three ways to build a brand?

Answer 9

Research your target audience, Choose a business name, Have a business logo.

Question 10

What are 5 examples of promotion?

Answer 10

Giveaways, Flash sales, Advertisements, Sponsorship and loyalty cards.

Question 11

What is advertisement?

Answer 11

Publicly announcing a promotion of a business or a product.

Question 12

What is personal selling?

Answer 12

When you sell a product face to face.

Question 13

What is social media marketing?

Answer 13

When you use the internet to advertise or promote a product or business.

Question 14

What is an advantage of online marketing?

Answer 14

You are able to reach out to more people for the same price.

Question 15

What is a disadvantage of online marketing?

Answer 15

There is a possibility that there will be security issues.

Question 16

Define sales promotion?

Answer 16

It is a marketing strategy to increase interest in a product or service.

Question 17

What is direct and indirect marketing?

Answer 17

Direct marketing is when you advertise for your target audience however indirect marketing is when you contact everyone.

Question 18

What is marketing mix?

Answer 18

A combination of factors that can be controlled by a company to influence consumers to buy their product.

Question 19

Define pricing strategy?

Answer 19

A method to produce the best price for the product or service.

Question 20

What are four examples of pricing strategies?

Answer 20

Cost-plus pricing, Competitive pricing, Price skimming, Penetration pricing.

Question 21

What are 3 examples of financial objectives?

Answer 21

Get out of debt, Make profit, Pay off loan.

Question 22

What are three examples o marketing objectives?

Answer 22

Increase LED quality, Shorten the sale cycle, Increase consumer life time.

Question 23

Define pricing method?

Answer 23

The way of putting a price on a product.

Question 24

What is a pricing tactic?

Answer 24

A way of pricing in order to maximise revenue.

Question 25

What are 5 factors that influence pricing decisions?

Answer 25

Cost of manufacturing, what consumers are willing to pay, competition pricing, profit position people are in.

Question 26

What are 3 positives of cost base pricing?

Answer 26

Easy to calculate, Fair and logical, Simplifies investment decisions.

Question 27

What is a loss leader?

Answer 27

A product that is being underpriced to attract consumers to buy other products.

Question 28

What is price penetration?

Answer 28

setting a price low to attract consumers.

Question 29

What is dynamic pricing?

Answer 29

A constant change in price to reflect the constant change in the market.

Question 30

What is cost plus pricing?

Answer 30

A fixed % is added onto the price of one unit.

Question 31

What is distribution?

Answer 31

The action of sharing something among a number of consumers.

Question 32

What are three distribution channels?

Answer 32

Wholesalers, Retailers and selling direct to customers.

Question 33

What is a retailer?

Answer 33

A person that sells a good to the public one on one.

Question 34

What is a wholesaler?

Answer 34

A person that sells goods in large quantities to a large community.

Question 35

What does B2B and B2C mean?

Answer 35

B2B is when a business sells its goods or services to another business to use or sell. B2C is when a business sells its goods or services to a consumer to use.

Question 36

What are some ways to improve loyalty?

Answer 36

Loyalty cards, Discounts, Lower prices, Niche market, Better customer service, USP.

Question 37

What are the 4 stages of a product life cycle?

Answer 37

Introduction-when it first enters a market. Growth- A rise in the sales Maturity- Steady number of sales with less investment Decline- The fall in demand

Question 38

What are negatives of the Boston matrix?

Answer 38

It has no time scale and doesn't take into account the market growth, and cannot be used to predict cash inflow.

Question 39

What are the four stages in the Boston matrix?

Answer 39

Question mark (introduction) Star (growth) Cash cow (Maturity) Dog (decline)

Question 40

What is the product life cycle?

Answer 40

The process of a product from when it enters a market to when it is taken out of the market.

Question 41

What are three extension strategy's?

Answer 41

Rebranding, Discounts, Entering a new market

Question 42

What is an extension strategy?

Answer 42

A process of extending the product life cycle by delaying the decline.

Question 43

What is a product portfolio?

Answer 43

The goods and services that a business provides.

Question 44

Define the Boston matrix.

Answer 44

A model which helps businesses Analyse their portfolio of businesses and brands.