Marketing

Question 1

marketing mix

Answer 1

set of marketing tools that the firm uses to pursue its marketing objectives in the target market

Question 2

4 Ps

Answer 2

product, price, place, promotion

Question 3

product (4 Ps)

Answer 3

an item that satisfies the consumer’s needs or wants,

tangible (goods) or intangible (services, ideas or experiences)

Question 4

price (4 Ps)

Answer 4

the amount a customer pays for a product. may also refer to the sacrifice consumers are prepared to make to acquire a product (e.g. time or effort)

Question 5

place (4 Ps)

Answer 5

refers to providing customer access, considers providing convenience for consumer (intensive distribution, selective distribution, exclusive distribution, franchising,
market coverage, etc.)

Question 6

promotion (4 Ps)

Answer 6

marketing communications. may comprise elements such as advertising, PR, direct marketing and sales promotion

Question 7

product lifestyle

Answer 7

the amount of time a product goes from being introduced into the market until it’s taken off the shelves. 4 stages—introduction, growth, maturity, and decline

Question 8

breakeven point

Answer 8

calculated by dividing the fixed costs of production by the price per unit minus the variable costs of production.
costs of production = revenues for a product (expenditure = gain)

Question 9

growth/share matrix (BCG Matrix)

Answer 9

an instrument for evaluating strategic business units on the basis of future opportunities for profit (market growth) and the present competitive position (relative market share), as an aid to making business decisions concerned with investment and developing growth strategies

Question 10

BCG Matrix 4 quadrants

Answer 10

cash generation x cash usage

1. dogs: products in low growth markets and small market share.
2. ? or problem child: products in high growth markets with low market share.
3. stars: products in high growth markets with high market share.
4. cash cows: products in low growth markets with high market share

Question 11

influential factors in purchasing patterns

Answer 11

cultural factors, social factors, personal factors, psychological factors

Question 12

Maslow’s Hierarchy of Needs

Answer 12

from the bottom of the hierarchy upwards, the needs are: physiological, safety, love, esteem, and self-actualization

Question 13

social milieus

Answer 13

social groups with similar values, mentalities and lifestyle principles