Marketing and strategy

Question 1

What are the 4 Ps of the Marketing Mix?

Answer 1

Price, Place, Product and Promotion

Question 2

what are the additional 3 Ps in the Marketing Mix

Answer 2

Process, People and Physical evidence

Question 3

What is the Marketing Mix

Answer 3

The marketing mix refers to a set of actions or tactics that a company uses to promote its brand or product within a market

Question 4

What does Price mean in the marketing mix?

Answer 4

How valuable the product is the customer- PED

Question 5

What does product mean in the marketing mix?

Answer 5

What features does the customer want from the product?
How is it different from competing products?

Question 6

What does placement mean in the marketing mix?

Answer 6

When and where do the customers look at the product?

Question 7

What does promotion mean in the marketing mix?

Answer 7

where and when can the marking messages be put to the market

Question 8

What are the proposed 4 Cs for the marketing mix?

Answer 8

Cost, Consumer wants, Communication and Convenience

Question 9

What are 5 useful brand elements?

Answer 9

ambassadors, slogans, packaging, jingles and add campaigns

Question 10

What are some Brand Characteristics?

Answer 10

memorable, meaningful, likeable and transferable

Question 11

How does brand value help

Answer 11

speeds up decisions, decreased risk of bad decision, enhances social identity and introduction to new products

Question 12

What are the 4 stages of a product lifecycle?

Answer 12

introduction, growth, maturity and decline.

Question 13

when do sales and revenue peak in the product lifecycle?

Answer 13

in the maturity phase

Question 14

when does profit peak in the product lifecycle?

Answer 14

peak of the growth phase

Question 15

describe the introduction phase of the product lifecycle?

Answer 15

significant investment in research and development, infrastructure and marketing creating high risk

Question 16

when is there an opportunity for the introduction of a product?

Answer 16

lack of competition allowing to initially charge a higher price point

Question 17

what are the dangers for the introduction of a product?

Answer 17

high start up costs, losses not profits from lack of demand, no demand (no market)

Question 18

what are some opportunities in the growth phase of a product?

Answer 18

larger profits (lower production costs), increased consumer awareness(sales^) and reduced costs (economies of scale)

Question 19

what are some dangers in the growth phase

Answer 19

failed marketing, increased competition

Question 20

what are some opportunities in the maturity phase of a product lifecycle?

Answer 20

product differentiation, EOS

Question 21

what are some dangers in the maturity phase?

Answer 21

sales level off, more competition

Question 22

what are some dangers in the decline phase?

Answer 22

product withdrawal

Question 23

what is contribution?

Answer 23

revenue - variable costs (amount left to over fixed costs)

Question 24

what is advertising?

Answer 24

attracting public attention to a product, service or business through paid announcements.

Question 25

what are the 7 features of advertising?

Answer 25

persuasive, informative, non personal, clear sponsor, paid for, competitive, mass communication

Question 26

what are the scopes of advertising?

Answer 26

message, media, function, art and science