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Entrepreneurship > Marketing Mix > Flashcards

Marketing Mix Flashcards

1
Q

actions or tactics that a company uses to promote its brand in the market

A

Market Mix

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2
Q

7Ps of Marketing

A

Product
Positioning
People
Price
Packaging
Place
Promotion

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3
Q

Needed to evaluate business activities continually

A

Seven P formula

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4
Q

Tangible good or intangible service

A

Product

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5
Q

offered with completely new performance benefits

A

Breakthrough Products

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6
Q

Claim a new space in the customer’s mind; additional benefits

A

Differentiated Products

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7
Q

Will not make much impression on the customer’s mind

A

Copycat Products

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8
Q

Do not intend to compete with the giants

A

Niche Products

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9
Q

Where the product stand

A

Positioning

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10
Q

What does good positioning give?

A

Unique Selling Point

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11
Q

Ultimate marketing strategy of the business

A

People

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12
Q

Four Marketing efforts

A

-Create Customer Awareness
-Arouse Customer Interest
-Educate Customers as the evaluate their buying choices
-Close the sale and deliver the products

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13
Q

Depends on the business objectives set by the enterprise

A

Price

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14
Q

Delivers the right volume that yields maximum profits

A

Profit Maximization

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15
Q

Generates highest possible sales

A

Revenue Maximization

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16
Q

Captures larger part of the market

A

Market Share Maximization

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17
Q

Practices continual improvement to its products, services, and processes

A

Attainment of the desired prestige or quality leadership

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18
Q

Practices continual improvement to its products, services, and processes

A

Attainment of the desired prestige or quality leadership

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19
Q

dominates market and it sustain its operations

A

Penetration, Survival, or Liquidation

20
Q

Charging highest initial price then lowers it over time

A

Scarcity Pricing or Market Skimming

21
Q

business does not recognize profit from sales until cash collected exceeds cost

A

Cost Recovery

22
Q

price is reduced because government has paid part of cost

A

Subsidy Pricing

23
Q

Sells product at a price that covers the manufacturing cost but not the overhead

A

Marginal Pricing

24
Q

Designing and creating the container for the product

A

Packaging

25
Q

Is the cover used for storing

A

Package

26
Q

Location where the enterprise conducts its business

A

Place

27
Q

(5)Final Choice of Location

A

-image and location conditions
-Exact fit to target customers
-Clustering of competitor establishments
-A future are of development
-Fiscal and regulatory requirements

28
Q

Communication strategy adopted by an enterprise to elicit patronage, loyalty, etc. from its customers

A

Promotion

29
Q

(3) Effective Promotion

A

-Credibility of the communicator
-Message and medium of the message
-Willingness of the audience to all that is being communicated

30
Q

(3) Entrepreneurial Mind

A

-Creative Mind
-Technical Mind
-Business Mind

31
Q

conceptualizes and designs a product

A

Creative Mind

32
Q

technology originator, adaptor, and renderer; convert new knowledge into highly functional and operational

A

Technical Mind

33
Q

harnesses potential of new products by creating the market space

A

Business Mind

34
Q

Detailed description of an idea

A

Product Concept

35
Q

(8) Common Stages Products typically progress

A

-Identifying a market need
-Quantifying the opportunity
–Conceptualizing the product
-Validating the solution
-Building the product roadmap
-Developing a minimum viable product
-Releasing the minimum viable product to users
-Ongoing iteration based on user feedback and strategic goals

36
Q

products solve problem

A

Identifying a market need

37
Q

impact of product on people

A

Quantifying the opportunity

38
Q

devise how a product might serve its needs

A

Conceptualizing the product

39
Q

proposed solution viability must be tested

A

Validating solution

40
Q

plan of action for how product will evolve

A

Building the product roadmap

41
Q

initial product version needs just enough functionality to be used by custoemr

A

Developing a minimum viable product

42
Q

Experiments can be conducted to gauge interest

A

Releasing the minimum viable product to users

43
Q

changes will be driven by user feedback

A

Ongoing iteration based on user feedback and strategic goals

44
Q

Business’ planned and coordinated effort to debut a new product to the market

A

Product Launch

45
Q

(4) Product Launch Serves Many Purposes

A

-Giving customers a chance to buy the product
-Helping an organization build anticipation for the product
-Gathering valuable feedback from early users
-Creating momentum and industry recognition for the company

46
Q

Strategies to increase chances of successful product launch

A

-Launch before you’re 100% ready
-Build for the whole user experience
-Start with the end in mind

Entrepreneurship (1 decks)

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