7 p's of marketing mix

Question 1

what is m mix

Answer 1

The marketing mix describes all of the marketing activities and decision that help influence a customer’s decision to buy a product.

Question 2

explain the product life cycle

Answer 2

R and D - MR, prod devel, prep of production.
intro - released - lots of promotion.
growth - sales rising - high likely hood of comp entering market.
maturity - steady sales - usually cut budgets here - once sales go below break even point then sales r considered low.
decline - abt to leave market - loss of market share - falling sales.

Question 3

how to extent the maturity state?

Answer 3

new tp but MR
product development - redesign and packaging BUT may feel dissapointed n tricked that u changed

low price but bad quality

give deals - market penetration - promotional Strats but maybe tired hard to change mental image = not worth it.

new variations

Question 4

4 parts of product branding

Answer 4

1 - awareness
2 - development
3 - loyalty
value (assets, market share, etc)

Question 5

why is branding imp?

Answer 5

• clear image about bus
• can charge higher price cuz of its value
• legally protected (can be) - awareness and value

Question 6

ALL pricing methods

Answer 6

1- penetration
2- cost plus
3 - loss leader
4- predatory
premium
5- dynamic
6- comp
7- contribution

Question 7

what is PED and what do each numbers mean?

Answer 7

how responsive demand is to changes in price.
1 or +1 = elastic
1=unit elastic
0 - -1 = inelastic.

Question 8

how to calc contribution per unit and total

Answer 8

per unit= price per unit - variable costs per unit.
total = cont per unit X quantity.

Question 9

if ur total costs r higher than ur fixed costs what is it?

Answer 9

profitable.

Question 10

what is the RS between PLC, Investment, profit, and cash flow

Answer 10

based on what stage ur at in ur PLC ur inv will depend on that (should u inv more or less etc), thus it will tell u if u have high or low, and pos or neg profits, which will lead to ur cash flow overall and tell u if that’s good or bad, high or low, pos or neg.

Question 11

what r the 4 types of promotion?

Answer 11

ATL
BTL
TTL
SMM

Question 12

ATL?

Answer 12

independent mass media - promotion is external to the business itself - paid form.
magazine, Tv, radio, newspaper.

Question 13

+/- of ATL

Answer 13

+:
large reach
goo brand image and awareness
large market - can reach tp and segmented pop
-:
exp
not very targeted to specific people
hard to calc roi

Question 14

BTL?

Answer 14

within the business itself - business Pays for its promotional activities.
loyalty cards
after sales service
direct marketing - emails
personal face to face
merchandising

Question 15

+/- of BTL

Answer 15

+:
highly targeted
good rs w customers
ez to measure
cheaper
-:
not wide reach
may be cultural issues 2 specific markets - but if its targeted u can avoid that
have to train employees = costs.

Question 16

TTL?

Answer 16

mix of BTL and ATL
digital
SMM
360˚ - everyone everywhere

Question 17

+/- of TTL

Answer 17

building brand
gen convos
ez to customize
relavent tp - keep under control
best of both words - 360˚ marketing
good reach
new form of marketing
-:
costly
time waste
may not be suitable for business type/plan and marketing obv

Question 18

SMM?

Answer 18

influencers, ads, user-gen-content, 1-1 msgs

Question 19

+/- SMM

Answer 19

+:
wide range of audience
more info abt trends and customer pref
feedback
good rs w customer
less costs
-:
timely
train employees
not in all markets
ppl dont engage well
not uptodate info reached
neg comments - spread hate.

Question 20

what r places
and what r the types

Answer 20

dist channels
wholesaler - buys big quantities - stores and breaks bulk to sell. low diet costs and stores in a branch may have comp

retailer - received small quant of ur g/s - sells individually to ppl

agent - not part of bus selling g/s on their behalf acts on behalf of other company - dont own the g/s

can get physical or online

Question 21

what r the 3 types of intermediary channels?

Answer 21

1 - 0 int - producer to consumer
2 - 1 int channel - producer, wholesaler to consumer.
3 - 3 or more int channels, producer, wholesaler, agent, retailer, consumer (or remove agent).

Question 22

what to consider when picking an intermediary channel?

Answer 22

looks at
markup costs
time
big or small reach
# of sales u get
control
overall expenses - storage + delivery.

Question 23

def people

Answer 23

customer service - employees

Question 24

what does it mean by cultural diff in service rs

Answer 24

when someone does something and it is interpreted in another way - good or bad.
what diff cultures value - hofstedes cultural dimensions
diff cultures have diff ways of communicating
what customers expect also when employee is w them.

Question 25

def processes

Answer 25

procedures and policies on how a business would get the product to the consumer and quicker = efficiency.

Question 26

what are the 5 main processes (there are more tho but these r the main)

Answer 26

1- ASS (aft sales service)
2- customer feedback
3 - services (all activities in the interaction between customer and business)
4 - delivery systems (int channels - online, physical - convenience - quick, on demand delivery).
5 - placing and paying - cash counter = quick , sequrity and speed.

Question 27

def physical evidence

Answer 27

atmosphere and vibe
visual, sensory and auditory information a consumer sees when enters a store, or purchases from a company.
IS TANGIBLE BUT THESE R THINGS THEY DONT BUY JUST THINGS THAT MAKE THEIR SERVICE AND EXPERIENCE BETTER!!.