IE Unit 1.2 4 P's

Question 1

What is the basic marketing mix?

Answer 1

The basic marketing mix consists of 4 Ps: Product, Price, Promotion, and Place. Essential elements when developing marketing strategies.

Question 2

What are tangible and intangible products?

Answer 2

Tangible: Physical goods, can bring home, can physically touch,

Intangible: Services, cant bring home, cannot physically touch.

Question 3

What are the three levels of a product?

Answer 3

Core product: The benefits. Actual product, Features, designs. Augmented product, After-sales service

Question 4

What factors should be considered when determining the price of a product?

Answer 4

Cost of production, Competition
,Customers are willing to pay

Question 5

Name some common pricing strategies.

Answer 5

Premium Pricing, Penetration Pricing, Skimming Pricing, Cost-Plus Pricing, Dynamic Pricing, Competitive Pricing.

Question 6

What does “Place” refer to in the marketing mix?

Answer 6

“Place” refers to the physical or virtual location where products are sold or distributed.

Question 7

How should companies decide a good location?

Answer 7

A good location has good foot traffic, and increases visibility and accessibility to consumers.

Question 8

What is an example of a physical and a virtual “Place” for a business?

Answer 8

Physical Place: A retail store like UNIQLO.
Virtual Place: An online store like Amazon, Shopee, or eBay.

Question 9

What is “Promotion” in the marketing mix?

Answer 9

It’s marketing communication aimed at making a product or service known and persuading customers to buy, using strategies like advertising, promotions, and social media.

Question 10

What are some types of promotion activities?

Answer 10

Advertising
Face-to-face selling
Sales promotions
Exhibitions
Sponsorship
Contests

Question 11

What are some examples of e-technology promotional tools?

Answer 11

Smart cards, biometric payments, mobile wallets, self-pay kiosks, mobile card readers, and proprietary apps.

Question 12

What are the types of traditional marketing?

Answer 12

Flyers, posters, newspapers, magazines, brochure

Question 13

what are types of online marketing.

Answer 13

social media, television advertisements, online advertisements.

Question 14

why is using online marketing better than traditional marketing?

Answer 14

Cheaper, more easier to distribute.