1.3 Marketing Mix And Strategy (Wip)

Question 1

What is the marketing mix?

Answer 1

A framework of how businesses can successfully implement marketing strategies into their products.

Question 2

What are the four P’s of the marketing mix?

Answer 2

-Product
-Place
-Promotion
-Price

Question 3

Methods for ‘product’ marketing?

Answer 3

• Quality
  -Features
  -Packaging
  -Warranties
  -Services

Question 4

Methods for ‘place’ marketing?

Answer 4

-Market coverage
- Inventory
- Transport
- Channels

Question 5

Methods for ‘price’ marketing?

Answer 5

• Pricing strategy
• Discounts
• Payment terms
• Payment methods

Question 6

Methods for ‘promotion’ marketing?

Answer 6

• Sales promotion
• Advertising
• PR
• Direct marketing

Question 7

What is the design mix?

Answer 7

A framework of which elements of design a product needs to be appealing to consumers.

Question 8

What are the three factors of the design mix?

Answer 8

• Function
• Aesthetic
• Cost

Question 9

What is the most important design mix factor?

Answer 9

Function as it impacts how the users needs are covered.

Question 10

What is function?

Answer 10

Function determines how the product is designed to perform the task it is intended for.

Question 11

What is aesthetic?

Answer 11

Aesthetic involves anyway a product invokes senses including feel, looks, shapes, color and texture.

Question 12

What is cost?

Answer 12

The cost of production when creating a product. This should be considered as a well designed product balances costs and value.

Question 13

How do social trends affect the design mix?

Answer 13

Customers may become concerned with how the raw materials are sourced leading to changes of the costs of production.

Customers may also become concerned with resource depletion changing the materials used in production and how wasteful a companies production can be.

Question 14

What are the types of promotion?

Answer 14

• Advertising
• Public relations
• Sponsorships
• Sales promotion
• Direct marketing
• Digital communications

Question 15

What is advertising?

Answer 15

Promotion through paid channels such as TV, radio, print media and websites.

Question 16

What is direct marketing?

Answer 16

When the business directly communicates with a customer through email, text message or social media post to sell a product.

Question 17

What is sales promotion?

Answer 17

When a business uses sales to encourage customers to purchase a product or service.

Examples: Buy one get one free, seasonal sales, loyalty cards

Question 18

What is personal selling?

Answer 18

When a business contacts a customer and sells a product via one on one communication in person or through a digital communication channel.

Question 19

What is a sponsorship?

Answer 19

When a business pays an event or team for marketing exposure, it can take place in forms such as logo placement or naming rights.

Question 20

What is PR?

Answer 20

When a business builds strong bonds with the public via a good reputation. PR can be built by media relations, crisis management and community outreach.

Question 21

What is branding?

Answer 21

Branding is a type of product differentiation that involves creating unique and identifiable imagery around a brand. This includes: names, logos, design and symbols.

Question 22

What are the types of branding?

Answer 22

• Corporate branding
• Product branding
• Own brand product

Question 23

What is corporate branding?

Answer 23

This is when a company uses one name or logo to promote all products or services offered by the company.

Think Nike!

Question 24

What is product branding?

Answer 24

This is when a product uses a unique names, design or symbol to differentiate itself from other products the businesses produces.

Think chocolate bars!

Question 25

What is own product branding?

Answer 25

When a brand uses a label that refers to the retailers name to promote a product.

Think Sainsbury’s owned or basics range!

Question 26

What are the benefits of branding?

Answer 26

• Added value
• Higher differentiation
• Charge premium prices
• Reduced PED

Question 27

How can a brand be built?

Answer 27

• USPs
• Advertising
• Sponsorships
• Social media
• Design language

Question 28

What is viral marketing?

Answer 28

When a business creates content specifically to be commented on encouraging consumers to share it with people via the internet.

Question 29

What is emotional branding?

Answer 29

When a business builds an emotion connection with consumers via appealing to their values and beliefs.

Question 30

What are the types of pricing strategies?

Answer 30

• Price skimming
• Predatory pricing
• Market penetration
• Competitive
• Cost, plus
• Psychological

Question 31

What is cost plus pricing?

Answer 31

When a products cost to produce is calculated and then a mark up is applied to get the final price.

Question 32

What is price skimming?

Answer 32

When a product first launches at a high price, and then later in the product’s life cycle as sales dwindle the price is gradually reduced.

Question 33

What is penetrative pricing?

Answer 33

When a product first launches at a low price to enter a market to quickly capture market share. Than once the product has a consumer base prices will be raised.

Question 34

What is predatory pricing?

Answer 34

When a business lowers the price of its product so low that other competitors cannot sustainably set the price as low leading to them going out of business. Once this has happen pricing is raised.

(illegal in many nations)

Question 35

What is competitive pricing?