Decisions related to marketing mix

Question 1

What 4 decisions does a business make when marketing its product

Answer 1

1 what shall price be
2 what is the best design for the product
3 where should it be sold
4 how should the product be promoted

Question 2

These decisions and how they relate to each other is known as what

Answer 2

Marketing mix or 4Ps
Place
Price
Product
Promotion

Question 3

What has been the most important change to how products are marketed across the world

Answer 3

Development of the global brand because brands that are international benefit from production economies of scale

Question 4

Identify the markets in the mix

Answer 4

1 local markets
2 national markets
3 global markets
4 goods and services markets
5 niche markets
6 mass markets

Question 5

Describe local markets

Answer 5

Adapting the 4Ps to the local taste and income

Question 6

describe global markets

Answer 6

1 Establish an identifieable global brand
2 pricing can differ as the level of income of the target market may vary from country to country
3 penetrating pricing may be needed to establish product establish if there is already a prominent brand

Question 7

Describe national markets

Answer 7

Needs consistency for the brand to be developed and understood

Question 8

What are goods

Answer 8

Goods are a tangible product so easier to market than services which nee

Question 9

Describe mass marketing

Answer 9

1 often not an option for a business
2 expensive

Question 10

Describe niche marketing

Answer 10

Designing goods targeted to meet the needs of. A small market
1 cheaper
2 appealing for a smaller business
3 targets a single part of the market
4 has been greatly helped by growth of internet as customers often geographically dispersed

Question 11

4 ps have had to change to meet demands of new methods of reaching customers
List 5 new methods of using new technology in marketing

Answer 11

1 clicks and bricks - clicks refers to a web presence bricks to a high street presence to increase sales and customer loyalty
2 social media - you tube followers watch videos that have adverts aimed at the follows (marketing products)
3 m commerce - buying and selling goods through hand held wireless devices consumers can buy, compare prices take photos for future reference 24 hours a day
4 pricing and the internet - comparison pricing has become easier for customers this access to pricing information impacts on prices charged
5 e tailing - online shopping buy goods from the seller over internet