Marketing

Question 1

What are the three main distribution channels?

Answer 1

Retail, wholesale, direct.

Question 2

What is the marketing mix?

Answer 2

Product, place, price, promotion.

Question 3

What is place in marketing mix?

Answer 3

How a business gets product to customer/which channels do customers have access to product and how it is delivered.

Question 4

What are two benefits of retail distribution?

Answer 4

• can build customer loyalty by ensuring customer satisfaction is achieved through pleasant staff and offering an excellent experience that is memorable.
• offers trial products, which will make them more likely to purchase as they can get the physical experience of a product and how its presented.

Question 5

What are two disadvantages of retail distribution?

Answer 5

• Expensive overhead costs such as rent, electricity, staff costs, lighting.
• The negative experience offered by one branch can negatively impact whole brand image.

Question 6

What is the life cycle of a product?

Answer 6

-research and development (not on a graph)
- introduction
-growth
-maturity/saturation
-decline

Question 7

what are some extension methods for a product’s life cycle?

Answer 7

-rebranding the product
-repositioning the product by changing the market.
-increasing market activity- running campagins advertisements.

Question 8

benefits of branding?

Answer 8

increase customer loyalty and reduce churn rate as customers can start to associate your entire brand with the good quality of one product.

increase brand recognition- more people will see your brand if they see more people using it.

Question 9

what are two methods of primary research?

Answer 9

-questionnaires to collect qualitative data
-focus groups

Question 10

what does insolvency mean?

Answer 10

when a business’s liabilities outweigh their assets

Question 11

what is a social enterprise?

Answer 11

business that has the primary purpose of creating social or environmental impacts, in addition to generating profits

Question 12

what is a not-for-profit organisation?

Answer 12

a business that aims to do something other than to make profit for the owners, such as providing a public service or helping people.

Question 13

what is a public corporation/sector?

Answer 13

owned and controlled by the government and are usually funded through taxation or by gov.