Marketing

Question 1

What is the marketing mix

Answer 1

Product -
Price
Place
Promotiomn -
People (service)
Physical evidence (services)
Process Services

Question 2

Explain product

Answer 2

Quality, features, branding

Question 3

Explain price

Answer 3

Discounts
Dynamic prices
Market skimming (high prices at launch go lower)
Predatory pricing (low prices to undercut competiors and gain market share)
Cost plus pricing
Market/ competior pricing (inline with competitors)

Cost
Customer
Competition

Question 4

What is the price elasticity of demand

Answer 4

How sensitive demand is to a change in price

Change in Sales / Change in price

less than 1 inelastic
higher than 1 elastic

Question 5

Explain promotion

Answer 5

ASPPP Advertising, sales promotion, public relations, private sales

Question 6

Explain Place

Answer 6

Locations/ distribution channels/ districution partner

Question 7

People (services)

Answer 7

Staff

Question 8

Physical Evidence (services)

Answer 8

Brand, store layout, receipts, feedback/ recomendations/ case studies

Question 9

Process (services)

Answer 9

Efficiency

Question 10

Market segmentation definiton

Answer 10

Market segmentation dividies the mass market into small group of customers who can be treated the same for marketing purposes.