Ch5- Developing the right Marketing Mix and Plan Flashcards

1
Q

Marketing Mix- 4p’s

A
  1. Price
  2. Promotion
  3. Place
  4. Product
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2
Q

What is a product?

A

A product is something that exists in nature or is made by human industry, usually to be sold.

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3
Q

What is Service?

A

This is intangible- work, skills, or expertise provided in exchange for a fee

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4
Q

In order to protect a logo you should

A

Trademark it

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5
Q

How to Build a brand

A
  1. Create a logo and trademark it
  2. Develop a good reputation
  3. Create a brand personality
  4. Communicate your brand personality to 5.
    your target market.
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6
Q

Pricing Strategies

A
Value
Penetration
Competitive
Price Slimming
Cost Plus (Cost plus % of the cost) 
Mark-up
Penetration
Price Skimming- high price for short period to gain profit quickly
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7
Q

Things to consider when choosing a location

A
  1. Expense
  2. Terrain/infrastructure- roads
  3. Accessible resources
  4. Proximity to competitors
  5. Proximity to Customers/ Convenience
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8
Q

Promotion

A

Using advertising + publicity to get your market message to your customers

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9
Q
A

u

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10
Q

ue selling Proposition

A

Represents what you are selling, and what makes it different, whether it be by price, quality etc.

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11
Q

What is done in Promotional Planning?

A
  • Determining a promotional budget
  • – Percentage of Sales method
  • – Competitive Spending
  • – Excess Funds (If excess funds remain that will be used for promotion)
  • – Objective and Task
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12
Q

Advantage of Advertising

A

Builds brand image
Provides info
Persuades
Reinforcing the purchasing decision

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13
Q

Types of Advertising

A
  1. Institutional

2. Product Advertising

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14
Q

The Fifth “P”

A

Philanthropy

  • — Gains goodwill
  • —Cause-Related Marketing
  • — You can be a mentor to start ups
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15
Q

Developing a Marketing Plan

A
  1. Market Analysis: Comprehensive statement of strategic and tactical components of the promotional efforts.
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16
Q

Calculating Break-Even (helps determine if marketing plan will work)

A

FC/ Gross Profit per Unit= BE (units)