9.3

Question 1

4Ps of marketing

Answer 1

Place – how and where product should be sold
Product – what expectations should be met
Price – how much consumers are willing to pay
Promotion – what promotional campaigns will be best

Question 2

Product standardisation types

Answer 2

1) government standards for a particular market segment
2) component standardisation (ensures components from diff manufacturers are compatible w each other, like USB plugs)
3) industry wide standards (industry has an agreed set of standards)

Question 3

price setting strategies

Answer 3

1) cost plus pricing – a percentage is added to the production cost for profit
2) demand pricing – price is set according to the demand for the product
3) competitor based pricing – setting the price based on what competitors are charging – competitor prices are benchmarks
4) product line pricing – price is set within a family of products (premium – higher price, basic models – lower price)
5) psychological pricing – setting the price so that consumer feels like theyre paying less (49.99 instead of 50)

Question 4

Places

Answer 4

1) retail stores – physical location
2) online
3) direct from manufacturer (=> manufacturers have complete control over their brand, customer experience etc)
4) hybrid – physical + online

Question 5

Promotion

Answer 5

1) advertising
2) publicity – generating media coverage and public attention without direct payment
3) personal selling – direct process in which salesman persuades a potential customer to purchase product – face to face interactions

Question 6

USP

Answer 6

unique selling point – what makes ur product stand out