4 making marketing decisions using the marketing mix

Question 1

(4.1 the elements of the marketing mix 7ps) what is the marketing mix?

Answer 1

the main variables comprising a firms marketing strategy

Question 2

(4.1 the elements of the marketing mix 7ps) what are the marketing elements (7ps)?

Answer 2

price
product
place
promotion
people
process
physical environment

Question 3

(4.1 the elements of the marketing mix 7ps) what range of factors will be concidered in developing a marketing mix?

Answer 3

finance
the nature of the product
technology
market research

Question 4

(4.1 the elements of the marketing mix 7ps) what is unique selling point?

Answer 4

allows a business to differentiate its product from others in the market

Question 5

(4.1 the elements of the marketing mix 7ps) what is product life cycle?

Answer 5

the theory that all products follow a similar pattern throughout their life

Question 6

(4.1 the elements of the marketing mix 7ps) what are the factors influencing the development of new goods and services?

Answer 6

technology
competitors actions
the entrepreneurial skills of managers and owners

Question 7

(4.1 the elements of the marketing mix 7ps) what are the number of benefits of a unique selling point?

Answer 7

advertising campaigns can be based around the USP
a USP assists in encouraging brand loyalty
a USP may allow the firm to charge a premium price

Question 8

(4.1 the elements of the marketing mix 7ps) what stages is the product life cycle split into?

Answer 8

introduction
growth
maturity
decline

Question 9

(4.1 the elements of the marketing mix 7ps) how might the decline stage be prolongued?

Answer 9

by implimenting extention strategies such as:
fising new markets for existing products
changing the appearence or packaging

Question 10

(4 making marketing decisions using the marketing mix) what are the names for the range of products businesses have?

Answer 10

product mix
product portfolio

Question 11

(4 making marketing decisions using the marketing mix) how can product mix/porfolio be analysed?

Answer 11

through the boston matrix

Question 12

(4 making marketing decisions using the marketing mix) what four categories does the boston matrix matrix have?

Answer 12

star
cash cows
dogs
problem child

Question 13

(4 making marketing decisions using the marketing mix) What does pricing strategies mean?

Answer 13

the medium-to-long-term pricing plans that a business adopts

Question 14

(4 making marketing decisions using the marketing mix) what possible decisions can result from the boston matrix?

Answer 14

cash cows can be milked for their revenue and profit
problem children need to be turned into rising stars
dogs might be discontinued
star products could become future cash cows
a business does not wan too many products in a single category

Question 15

(4.2 pricing decisions) The price of a product may be determined by what?

Answer 15

pricing strategies
tactics adopted

Question 16

(4.2 pricing decisions) What are the 4 pricing strategies?

Answer 16

price skimming
penetration pricing
price leadership
price taking

Question 17

(4.2 pricing decisions) What are the 3 price tactics?

Answer 17

loss leaders
special-offer pricing
psychological pricing

Question 18

(4.2 pricing decisions) what may pricing decisons be influenced by?

Answer 18

costs
marketing objectives
elasticity of demand
technology

Question 19

(4.3 decisions about the promotional mix) What does promotion mean?

Answer 19

bringing a product or business to consumers attention

Question 20

(4.3 decisions about the promotional mix) what does promotional mix mean?

Answer 20

the combination of methods used by businesses to communicate with prospective customers to inform them of their products and to persuade them to buy these products

Question 21

(4.3 decisions about the promotional mix) what does promotion aim to do?

Answer 21

attract new customers and retain existing customers
improve the position of the business in the market
ensure the survival and growth of the business
increase awareness of a product

Question 22

(4.3 decisions about the promotional mix) what does promotional mix refer to?

Answer 22

the range of methods used by businesses to communicate with customers

Question 23

(4.3 decisions about the promotional mix) what are the 8 methods the promotional mix refers to?

Answer 23

advertising
exhibitions and trade fairs
packaging
branding
public relations
merchandising
personal selling
sales promotion

Question 24

(4.3 decisions about the promotional mix) What may the choice of promotional mix be affected by?

Answer 24

the products position in the life cycle
the type of product
the finance available to the business
where consumers make purchasing decisions
competitors actions

Question 25

(4.4 distribution decisions (place)) What does distrubution mean?

Answer 25

the range of activities necessary to make the product available to customers

Question 26

(4.4 distribution decisions (place)) What does multichannel distribution mean?

Answer 26

Where firms use more than one type of disrtibution channel eg shops, online and click and collect

Question 27

(4.4 distribution decisions (place)) What is the products marketing mix influenced by?

Answer 27

location
credit terms
willingness to display products in prominent positions

Question 28

(4.4 distribution decisions (place)) Whata re the three main distribution channels?

Answer 28

producer – wholesaler – retailer – consumer
producer ——————— retailer – consumer
producer ———————————– consumer

Question 29

(4.4 distribution decisions (place)) What will the choice of distribution channel be influenced by?

Answer 29

the type of product
the nature of the market
the technical complexity of the product

Question 30

(4.4 distribution decisions (place)) Changing consumer trends mean many businesses now offer what?

Answer 30

multichannel distribution

Question 31

(4.4 distribution decisions (place)) People who are the face of a business need to be what?

Answer 31

helpful and polite
motivated
well trained

Question 32

(4.4 distribution decisions (place)) What does the whole process of buying a product or service include?

Answer 32

from first entering a business premises or website
to the delivery of the product or service
and the aftersales service offered

Question 33

(4.4 distribution decisions (place)) What does the premises of a business (physical environment) reflect?

Answer 33

the nature of the product

Question 34

(4.4 distribution decisions (place)) An integrated marketing mix is ine that what?

Answer 34

fits together
address the elements of the mix
potrays the correct image to customers

Question 35

(4.4 distribution decisions (place)) What are the 7 influences on an integrated marketing mix?

Answer 35

position in the product life cycle
boston matrix
type of product
marketing objectives
target market
competition
positioning

Question 36

(4.4 distribution decisions (place)) Marketing mixes can be integrated in different ways depending on what factors?

Answer 36

pricing
target audience

Question 37

(4 making marketing decisions: using marketing mix) What are the benefits of the value of digital marketing and e-commerce?

Answer 37

more detailed information available about customers
relationships more easily built with customers
greater contact between consumer and business
social media have become very important
can sell anywhere in the world

Question 38

(4 making marketing decisions: using marketing mix) What are some negatives of digital marketing?

Answer 38

reputations can be destroyed
consumers are free to write reviews that mya not always be a true reflection