Marketing Mix

Question 1

what are the 4 ps

Answer 1

product, price, place, promotion

Question 2

additional 3 ps added in 2015

Answer 2

people
process
physical evidence

Question 3

what is the problem with price and promotion

Answer 3

hard to separate

instead use VALUE - how to deliver an amaizng product

Question 4

why are the 4ps not so relevant today

Answer 4

marketing today is about businesses listening to their customers and responding in a way that offers a meaningful solution

Question 5

how are the 4ps still relevant toda

Answer 5

You can have the best communications in the world but if your price or product is wrong, it’s not going to work

reminds us that marketing is so much more than advertising

Question 6

how is PLACE no longer relevant today

Answer 6

solved

Amazon, everything available online

Question 7

how is price no longer relevant today

Answer 7

price comparison so easy online

Question 8

how is promotion no longer relevant today

Answer 8

marketers can claim what they want in their ads

people look to reviews more than official ads

Question 9

how is product no longer relevant today

Answer 9

R&D and marketing are different departments

they must work together to take on users’ feedback and provide the best product

Question 10

what does USP stand for

Answer 10

unique selling point

Question 11

define product

Answer 11

anything that can be offered to a market that will satisfy a want or a need including experiences, places

Question 12

what is the core benefit of the product

Answer 12

not just the product being offered but what the product allows you to do eg a hotel is not just the room, its the ability to explore a new city,

Question 13

which of the 4 ps is easiest to adjust

Answer 13

price

Question 14

how come consumers are no longer passive price takers

Answer 14

competition lowers prices - always lower pruces

Question 15

what is a key reference price

Answer 15

subconsciously how much we would be willing to pay for something

Question 16

how can the Ps be extended for services

Answer 16

people - interaction with service providers can have huge impacts on our experience

process - easy and seamless, enjoyable

physical evidence - atmosphere

Question 17

how to make the process as easy and seamless as possible before, during and after sale

Answer 17

before = helpful, well informed staff, availability of samples, trials, respond in timely fashion to queries

during = helpful staff, convenient payment, prompt deliveries

after = warranties, courtesy calls, re booking

Question 18

when is the environment really important

Answer 18

when there is no physical product

eg pub, hairvut

Question 19

what is the marketing 3.0 era

Answer 19

expectation that organisations wont cause harm

Question 20

how do the 4ps change with this new marketing era

Answer 20

access to products rather than ownership
eg pre owned, second hand, air bnb, ride sharing

people may pay more for sustainability