2.2 Marketing Descisions

Question 1

Price definition

Answer 1

The amount of money paid by customers to purchase the product.

Question 2

Product definition

Answer 2

The goods and/or services offered by a company to its customers.

Question 3

Place definition

Answer 3

The activities that make the product available to consumers.

Question 4

Promotion definition

Answer 4

The activities that communicate the product’s features and benefits and persuade customers to purchase the product.

Question 5

Methods of promotion

Answer 5

Social media 
Newspaper 
Billboard
Tv adverts
Flyers

Question 6

Product life style

Answer 6

Research and development—-> introduction—->growth. —->maturity—-> decline

Question 7

What is design mix

Answer 7

Product design is about much more than style. Design goes right to the heart of a product. Good design contributes to a products usefulness as well as its look.

Question 8

What is market research?

Answer 8

Market research consists of systematically gathering data about people or companies – a market – and then analyzing it to better understand what that group of people needs. The results of market research, which are usually summarized in a report, are then used to help business owners make more informed decisions about the company’s strategies, operations, and potential customer base.

Question 9

What is consumer protection?

Answer 9

DescriptionConsumer protection Consumer protection laws are a form of government regulation that aim to protect the rights of consumers. For example, a government may require businesses to disclose detailed information about products particularly in areas where safety or public health is an issue, such as food

Question 10

Sales promotions

Answer 10

Sales promotion is the process of persuading a potential customer to buy the product. Sales promotion is designed to be used as a short-term tactic to boost sales – it is rarely suitable as a method of building long-term customer loyalty.Some sales promotions are aimed at consumers. Others are targeted at intermediaries and at the firm’s sales force.When undertaking a sales promotion, there are several factors that a business must take into account.