Ch 24- Marketing Mix

Question 1

Marketing

Answer 1

Identifying and satisfying customer needs and wants while making a profit

Question 2

Market segmentation

Answer 2

Dividing the market into segments to promote different products to each group of customers

Question 3

Methods of segmentation

Answer 3

Gender
Age
Income
Location
Lifestyle

Question 4

Target market

Answer 4

The group of people a product is aimed towards

Question 5

Marketing mix

Answer 5

Four elements that helps a business sell its product to its target market

Question 6

Four marketing mix

Answer 6

Product
Price
Place
Promotion

Question 7

Goal

Answer 7

To combine these elements to increase customer satisfaction and sales

Question 8

Product

Answer 8

An actual item provided to meet customers needs

Question 9

Product elements

Answer 9

Design
Product life cycle
Branding
Unique selling point

Question 10

Design

Answer 10

The first stage in making a product. Should be attractive, easy to use and long lasting

Question 11

Product life cycle

Answer 11

Intro- sales low until it becomes familiar
Growth- sales incense rapidly
Maturity - increase at a slower rate
Saturation- sales reach the peak
Decline- sales fall due to change in trends

Question 12

Life cycle can be extended by

Answer 12

Changing price
Introducing new versions
Changing outlets
New advertising methods

Question 13

Brand

Answer 13

A name/symbol that makes a product easy to recognize

Question 14

Advantage of branding

Answer 14

Increase sales
Easier to introduce new products
Higher prices can be charged
Encourages customers to buy profits from the brand (brand loyalty)

Question 15

Unique selling point

Answer 15

Used to differentiate its products from competitors eg Toyota is reliability

Question 16

Price

Answer 16

The amount of money a product costs

Question 17

Price is determined by

Answer 17

Cost of making it
Amonnt of profit wanted to be made
Competitors prices
Target market

Question 18

Pricing strategies

Answer 18

Cost plus pricing
Loss leaders
Premium pricing
Penetration pricing

Question 19

Place

Answer 19

Where customers buy the product and the channel of distribution used to get it there

Question 20

Channel of distribution

Answer 20

The way a product gets form the manufacturer to the customer
Channels depends on product, legal requirements and image of the product

Question 21

Types of retailers

Answer 21

Department store
Chain store
Supermarkets
Discount retailers
Franchises
Independent retials
Online stores

Question 22

Promotion

Answer 22

Raising customer awareness of the product or brand to increase sales and create brand loyalty

Question 23

Businesses use promotion to

Answer 23

Launch a new product, increase sales of existing products and to increase brand loyalty

Question 24

Advertising

Answer 24

Involves communicating with the public to let them know about a product

Question 25

Categories of adverting

Answer 25

Informative- provided info to the public
Persuasive- convinced people they need the product
Competitive- convince people their product is better than comps
Reminder- reminds people that a product is still available
Generic- industries work together to promote a product