Decisions about marketing mix (12) Flashcards

1
Q

What is the marketing mix

A

How a business combines its product, its price, uses promotion and the place of sale in order to be successful.

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2
Q

What is a brand

A

A brand is the marketing practice of creating a name, symbol or design that identifies a product and differentiates it from others

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3
Q

What are the types of branding

A

Product - Where the item has a unique logo or packaging which customers are familiar with

Personal - where the product is associated with a celebrity or sports personality

Corporate - Where the business advertises a broad range of positive images about itself.

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4
Q

Explain the goal with global marketing

A

Global marketing attempts to increase sales through promotion and advertisements to the international market.

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5
Q

What would the marketing mix be like for small local business

A

Product: Targeted at local market needs such as food or commodities
Price: Competitive if there are many competitors, such as newsagents.
Place: Through local distribution shops
Promotion: Adverts in local newspapers, on local radio etc.

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6
Q

Pros and Cons marketing mix for small local business

A

Pros: costs are kept low

Cons: Potential for growth in sales and market shares is limited so limited profits.

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7
Q

What are the opportunities when marketing globally

A

Larger potential market

Spreads the risk being in a number of markets

Earn greater profits

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8
Q

Difficulties when marketing globally

A

More risky selling abroad

Economic factors in different places

Competition will be higher

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9
Q

Difficulties when marketing globally

A

More risky selling abroad

Economic factors in different places

Competition will be higher

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