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ENTREP > Concept And Components Of Marketing Mix > Flashcards

Concept And Components Of Marketing Mix Flashcards

1
Q

includes a number of activities.

A

Marketing

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2
Q

It is about putting the right product or a combination thereof in the place, at the right time, and at the right price.

A

marketing mix

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3
Q

What are the 7 p’s

A

Product
Price
Place
Promotion
People
Processes
Physical evidence

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4
Q

refers to the goods and services offered by the organization.

A

Product

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5
Q

As stated earlier, the product refers to the goods and services the company provides for sale. Here advertisers have to understand that buyers are not only interested in a product’s physical characteristics, but a collection of tangible and intangible qualities that fulfill their needs.

A

CONCEPT OF PRODUCT AND ITS CLASSIFICATION

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6
Q

PRODUCT CLASSIFICATION

A

Use
Durability
Tangibility

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7
Q

Based on use,

A

Consumer Goods
Industrial Goods

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8
Q

Goods meant for personal consumption by the households or ultimate consumers

A

Consumer Goods

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9
Q

consumer goods can be further classified as:

A

Convenience Goods
Shopping Goods
Specialty Goods
Unsought Goods

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10
Q

Do you remember, the last time when did you buy a packet of butter or a soft drink or a grocery item? Perhaps you do not remember, or you will say last week or yesterday. Reason is these goods belong to the categories of convenience goods which are bought frequently without much planning or shopping effort and are also consumed quickly.

A

Convenience Goods

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11
Q

These are goods which are purchased less frequently and are used very slowly like clothes, shoes, household appliances.

A

Shopping Goods

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12
Q

Because of some special characteristics of certain categories of goods people generally put special efforts to buy them.

A

Specialty Goods

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13
Q

Goods intended for consumption or use as inputs in the manufacture of other products or the supply of some service.

A

Industrial Goods

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14
Q

Based on Durability

A

Durable Goods
Non Durable Goods

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15
Q

are products which are used for a long period i.e., for months or years together.

A

Durable Goods

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16
Q

are products that are normally consumed in one go or last for a few uses.

A

Non-Durable Goods

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17
Q

Based on tangibility

A

Tangible Goods
Intangible Goods

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18
Q

Most goods, whether these are consumer goods or industrial goods and whether these are durable or non-durable, fall in this category as they have a physical form, that can be touched and seen

A

Tangible Goods

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19
Q

Services are essentially intangible activities which provide want or need satisfaction.

A

Intangible Goods

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20
Q

is the amount paid in respect of a good or service. It is the second most significant marketing mix item.

A

Price

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21
Q

As mentioned, price is the value he / she receives from buying the product / service, in terms of money spent by customers for the benefits.

A

PRICING AND FACTORS AFFECTING PRICING DECISIONS

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22
Q

The factors usually considered while determining the price of a product can be broadly described as follows:

A

Cost
Demand
Competition
Marketing Objectives
Government- Regulations

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23
Q

No company will succeed unless their manufacturing and distribution costs are covered. T

A

Cost

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24
Q

also has a big influence on the price. If the availability of a product is insufficient and the demand is high, people buy, even if the producer charges high prices.

A

Demand

25
Q

The price charged by the competitor for similar product is an important determinant of price.

A

Competition

26
Q

A firm may have different marketing objectives such as maximization of profit, maximization of sales, bigger market share, survival in the market and so on.

A

Marketing Objectives

27
Q

Prices of some essential products are regulated by the government under the Essential Commodities Act.

A

Government Regulations

28
Q

The products are made to sell to customers. These must be made available to customers at a location where they can make transactions conveniently.

A

Place

29
Q

You are aware that while a manufacturer of a product is located at one place, its consumers are located at innumerable places spread all over the country or the world.

A

Channels of Distribution

30
Q

Primarily a channel of distribution performs the following functions:

A

It helps in establishing a regular contact with the customers and provides them the necessary information relating to the goods.

It provides the facility for inspection of goods by the consumers at convenient points to make their choice.

It facilitates the transfer of ownership as well as the delivery of goods.

It helps in financing by giving credit facility.

It assists the provision of after sales services, if necessary.

It assumes all risks connected with the carrying out the distribution function.

31
Q

Generally speaking, we are not purchasing products directly from the manufacturers.

A

TYPES OF CHANNELS OF DISTRIBUTION

32
Q

TYPES OF CHANNELS OF DISTRIBUTION

A

Zero stage channel of distribution
One stage channel of distribution
Two stage channel of distribution
Three stage channel of distribution

33
Q

exists where there is direct sale of goods by the producer to the consumer.

A

Zero stage distribution channel

34
Q

“In this case, there is one middleman i.e., the retailer. The manufacturers sell their goods to retailers who in turn sell it to the consumers

A

One stage channel of distribution

35
Q

This is the most used channel of distribution for the sale of consumer goods. In this case, there are two middlemen used, namely, wholesaler and retailer.

A

Two stage channel of distribution

36
Q

When the number of wholesalers used is large and they are scattered throughout the country, the manufacturers often use the services of mercantile agents who act as a link between the producer and the wholesaler.

A

Three stage channel of distribution

37
Q

Choosing a suitable distribution channel is very important, as both the pricing and promotion strategy depend on the channel chosen.

A

FACTORS AFFECTING THE CHOICE OF DISTRIBUTION CHANNEL

38
Q

FACTORS AFFECTING THE CHOICE OF DISTRIBUTION CHANNEL

A

Nature of Market
Nature of Product
Nature of the Company
Middlemen Consideration

39
Q

There are many aspects of market which determine the choice of channel of distribution.

A

Nature of Market

40
Q

considerably affects the choice of channel of distribution. In case the product is of technical nature involving a good amount of pre-sale and after sale services, the sale is generally done through retailers without involving the wholesalers.

A

Nature of Product

41
Q

A firm having enough financial resources can afford to its own a distribution force and retail outlet, both.

A

Nature of the Company

42
Q

If right kind of middlemen having the necessary experience, contacts, financial strength, and integrity are available, their use is preferred as they can ensure success of newly introduced products.

A

Middlemen Consideration

43
Q

If the product is produced in accordance with the customer ‘s desires, is reasonably priced and made available to them at convenient outlets, but the customer is not made aware of its price , features, availability, etc., their marketing campaign may not be effective.

refers to the process of informing and persuading the consumers to buy certain product.

A

Promotion

44
Q

The main objective of promotion is to seek buyers’ attention towards the product with a view to:

A

– arouse his interest in the product;
– inform him about its availability; and
– inform him as to how is it different from others.

45
Q

A firm uses different tools for its promotional activities which are as follows:

A

– Advertising
– Publicity
– Personal selling
– Sales promotion

46
Q

This is a non-paid process of generating wide range of communication to contribute a favorable attitude towards the product and the organization.

A

Publicity

47
Q

You would have encountered representatives of numerous firms knocking at your doorstep and persuading you to purchase their product.

A

Personal Selling

48
Q

It applies to short-term and temporary opportunities to purchase new products or to promote trials.

A

Sales promotion

49
Q

The team involved in the delivery of the project should possess the skills and qualities needed to ensure its success (barring unforeseen mishaps).

A

People

50
Q

People are one of the essential components of the marketing mix.

A

The Importance of People within the Marketing Mix

51
Q

In addition to the executive team, there are people who are responsible for designing the company’s products and services.

A

People Who Make the Products

52
Q

They are the people who have to decide what their clients want and the best way for them to get what they want

A

People Who Bring the Products to the Customers

53
Q

Companies, no matter how small or large their products and services are, require customer service.

A

People Who Talk to the Customers

54
Q

The processes involved in a product’s delivery will significantly affect the customer’s experience, level of satisfaction, and lifetime value to your business.

A

Processes

55
Q

The final P refers to the physical context and paraphernalia (such as receipts, “thanks for ordering” cards, confirmation emails and PDF invoices) that come along with the product.

A

Physical Evidence

56
Q

Industrial Goods

A

Raw materials
Machinery
Components
Operating supplies

57
Q

is the most used tool for informing the present and prospective consumers about the product, its quality, features, availability, etc. It is a paid form of non-personal communication through different media about a product, idea, a service or an organization by an identified sponsor.

A

Advertising

58
Q

Marketing includes a number of activities. To begin with, an organization will determine how to serve its target group of customers.

A

Concept and Components of Marketing Mix

59
Q

These processes may include (and are not limited to):

A

• Website user experience
• Delivery time

• Delivery methods and service

• In-store wait time

• Communicating with customer support

• Aftercare

ENTREP (8 decks)

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