9 - Marketing and marketing strategy

Question 1

What is the marketing mix?

Answer 1

product
price
promotion
place

Question 2

product strategies?

Answer 2

• product life cycle
• value analysis
• boston matrix
• ansoff matrix
• product portfolio analysis

Question 3

importance of a brand to a business?

Answer 3

• gives them a USP
• reputation
• leads to customer loyalty

Question 4

Marketing objectives?

Answer 4

-

Question 5

Why do marketing objectives need to be clear?

Answer 5

-

Question 6

SWOT analysis

Answer 6

Strengths
Weaknesses
Opportunities
Threats

Question 7

Penetration pricing

Answer 7

price is set low to gain market share

Question 8

Competitor pricing

Answer 8

price matching your nearest competitor

Question 9

Destroyer pricing

Answer 9

sustained low prices designed to drive a competitor out of the market

Question 10

Premium pricing

Answer 10

charging high prices and keeping them high

Question 11

Psychological pricing

Answer 11

pricing which appears better than it is e.g. £9.99 instead of £10

Question 12

Promotional pricing

Answer 12

short term low pricing

Question 13

Price skimming

Answer 13

price is set high usually in order to maximise profits

Question 14

Loss leader

Answer 14

price is set below cost price as a way to attract customers

Question 15

Cost plus pricing

Answer 15

a percentage mark up is added to the unit cost of producing an item

Question 16

Discrimination pricing

Answer 16

charging different prices to different customer groups

Question 17

price elasticity of demand

Answer 17

-

Question 18

income elasticity of demand

Answer 18

-

Question 19

cross elasticity of demand

Answer 19

-

Question 20

advertising elasticity of demand

Answer 20

-

Question 21

what is meant by service marketing?

Answer 21

-