Chapter 12 - Sofia Petts

Question 1

Define marketing mix

Answer 1

Is a term used to describe all the activities which go into marketing a product or service

Question 2

Mention four types of product

Answer 2

Costumer goods, costumer services, producer goods, producer services

Question 3

To what extent is branding important? give 5 advantages

Answer 3

Generates trust, sets standards, higher price than unbranded products, can turn into a generic name and encourages brand loyalty

Question 4

Describe a a typical product life cycle

Answer 4

1. Development
2. Introduction
3. Growth
4. Maturity
5. Saturation
6. Decline

Question 5

Mention ways to extend the product life cycle

Answer 5

1. Introduce new variations of the original
   product
   2.Sell into new markets
   3.Make small changes to the product’s design, color or packaging
   4.Use a new advertising campaign
   5.Introduce a new, improved version of the old product
   6.Sell through additional, different retail outlets

Question 6

Define brand image

Answer 6

Is the identity given to a product which gives it a personality of it’s own and distinguishes it from competitors brand.

Question 7

What is meant by producer goods

Answer 7

Goods produced for other businesses

Question 8

Define consumer services

Answer 8

Services bought by costumers for own use

Question 9

Mention the 4 P’s

Answer 9

Price, product, promotion, place

Question 10

Define the USP

Answer 10

The special feature of product that differentiates it from the products of competitors