Marketing Flashcards
What is meant by branding
the process where a business makes itself known to the public and differentiates itself from competitors.
The importance of product in the marketing mix
A good product is the key to successful profiting, it makes the entire process of connecting with consumers and generating sales possible.
Evaluate value analysis
analyzing existing products and evaluating them to improve their functioning or reduce cost
Evaluate Ansoffs matrix
Breaks down the different growth strategies and assesses the risk involved
Difference between product mix and marketing mix
Marketing Mix is a broader term which includes the complete array of marketing tactics while Product Mix only refers to few elements of the product variable from the whole marketing mix
Usefulness of cross elasticities of demand
It evaluates the relationship between two products when the price of one of them changes.
Examples of channels of distribution
Direct sale, wholesaler, agent and sale through retailer
What is online distribution
Distribution of tangible products through online eg ordering a T-shirt of a website
What is digital distribution
Distribution of non-tangible product eg music, audio book
Examples of patterns of distribution
Uniform, patterned, clumped
Why is place important to a business
Effective distribution means products/ raw materials can arrive on time, otherwise customers may look else where if the business can’t meet their demands on time