Chapter 2 - Marketing Flashcards
1
Q
Purpose of marketing
A
- Identify and anticipate needs - market research
- Supply customer needs - product design and development.
- Efficiency - distribution
- Profitability - pricing decisions and promotions
2
Q
The marketing mix
A
The 4 P’s - Product / Place / Promotion / Price
Additional -People / Process / Physical evidence
3
Q
Product issues
A
Product definition:
Total product / actual product / augmented product
Product positioning
4
Q
Pricing issues
A
Cost - price must be high enough to make profit
Customers - what are they willing to pay for the product
Competition - is the price competitive?
Corporate objectives - i.e. set low price to gain market
5
Q
Promotional issues
A
AIDA - awareness, interest, desire, action
Advertising (placing ads)
Sales promotion -e.g. buy one get one free
Personal selling - door-to-door
Public relations - sponsoring sports event
6
Q
Place issues
A
Selling direct
Selling indirect
