28) The Marketing Mix Overview Flashcards
What are the four P’s of the marketing mix
Price
Product
Place
Promotion
What is an augmented product
The additional extras would add to the value of the product in the eyes of the customer for example delivery and warranties
What is an actual product
The tangible or physical product and includes the style, colour and quality
What is the core product
What’s the product actually does, it’s main function
What is the product mix
Our businesses product mix is the range of products that it produces
What is product orientation
Businesses with the product orientated approach to marketing
What is market orientation
An organisation with a market orientated approach meaning that it finds out what customers want and produce for them
What is a brand
A brand is the name, symbol, design, or a combination of all three that the producer uses to make the product instantly recognisable
What are the advantages of successful branding
A business can save money on marketing
Higher prices can be charged when customers become loyal
It is easier to launch new products
