Marketing

Question 1

What are the three roles of a marketing mix?

Answer 1

Identify, Anticipate, Satisfy

Question 2

What is the marketing mix?

Answer 2

A combination of elements through which a firm achieves their marketing objectives. ( 4 P’s )

Question 3

Name 4 marketing objectives.

Answer 3

1) Expand business
2) Innovate portfolio
3) Achieve customer loyalty
4) Survival and security

Question 4

What does it mean to be market orientated?

Answer 4

Basing products on customer needs

Question 5

What are two advantages of being market orientated?

Answer 5

1) On top of new fashions

2) Customers needs are met

Question 6

What are two disadvantages of being market orientated?

Answer 6

1) Market research

2) Product may be of poor quality

Question 7

What does it mean to be product orientated?

Answer 7

Basing products on business strengths

Question 8

What are two advantages of being product orientated?

Answer 8

1) Will always be good quality

2) No market research

Question 9

What are two disadvantages of being product orientated?

Answer 9

1) May not be in demand

2) Market changes are not accounted for

Question 10

What does it mean to be asset-led?

Answer 10

Basing products on strengths that fit customer needs

Question 11

What are two advantages of being asset-led?

Answer 11

1) Will be of good quality

2) Demand will be met

Question 12

What are two disadvantages of being asset-led?

Answer 12

1) Can miss opportunities if focusing on strengths

2) Demand may not match strengths

Question 13

What is a marketing mix?

Answer 13

A combination of elements through which a firm achieve their marketing objectives.

Question 14

What is a product?

Answer 14

Good or a service with key features and functions.

Question 15

What is price?

Answer 15

The amount of money demanded for the product.

Question 16

What is promotion?

Answer 16

Communication with the market for product recognition.

Question 17

What is place?

Answer 17

The physical and online existence of a business.

Question 18

What 5 factors effect the marketing mix?

Answer 18

Market research
Customer
Cost
Competition 
Ethics

Question 19

What is the role of a product portfolio analysis?

Answer 19

Looks at range of products in a firm, weighing out its positives and negatives.

Question 20

What is the Boston Matrix a type of?

Answer 20

Product portfolio analysis

Question 21

What is the Boston Matrix?

Answer 21

Tool used to analyse portfolio and past and future sales

Question 22

What are the four states in a Boston matrix?

Answer 22

Star = highest growth and share 
Problem = highest growth low share
Dog = lowest growth and lowest shares
Cow = lowest growth and highest share

Question 23

What is branding?

Answer 23

Process where a business differentiates itself via name, slogan and design.

Question 24

What is brand contagion?

Answer 24

Where an aspect or product has a negative reputation.

Question 25

What are the four stages of a product life cycle?

Answer 25

Intro, growth, maturity then decline.

Question 26

What are the two types of product differentiation?

Answer 26

``` Distribution = both physical and online sales Proliferation = variety of products in business ```

Question 27

Why do businesses use extension strategies?

Answer 27

To maximise sales and hold off decline.

Question 28

In what 3 ways can businesses extend their product life cycle?

Answer 28

Change product, modify P’s, extend portfolio.

Question 29

Why is price important?

Answer 29

1) Cover costs 2) Competition costs 3) Customer income

Question 30

What are the 6 pricing strategies?

Answer 30

1) Price skimming (high) 2) Penetration (low) 3) Competitive 4) Cost plus (covers cost) 5) Psychological 6) Contribution (covers all finances)

Question 31

What is the difference between cost and contribution?

Answer 31

``` Cost = based on what it cost to make that one item Contribution = after all direct costs have been taken from earnings ```

Question 32

Why is promotion important?

Answer 32

Growth of business through awareness of products

Question 33

What is a corporate image?

Answer 33

Overall perception of the business

Question 34

What does AIDA stand for?

Answer 34

Attention, interest, desire, action

Question 35

What is the difference between above and below the line promotion?

Answer 35

Above the line = on the TV and magazines | Below the line = support advertisements, leaflets

Question 36

What are 4 types of promotion?

Answer 36

Sales, direct selling, exhibitions and fairs, PR

Question 37

What does it mean if a business has multi-channelling distribution?

Answer 37

Based in more than one place

Question 38

What are the key influences of types of distribution?

Answer 38

Convenience, speed, cost

Question 39

What is distribution?

Answer 39

Process of getting product to target market.

Question 40

What are the three methods of distribution?

Answer 40

Whole seller, Manufacturer to retail, direct selling

Question 41

What is e-commerce?

Answer 41

Buyers and sellers meeting in a virtual market place

Question 42

What is e-tailing?

Answer 42

Process of ordering products online