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Business Marketing > Marketing Mix > Flashcards

Marketing Mix Flashcards

1
Q

What are the 4P’s ?

A
  • Price
  • Product
  • Place
  • Promotion
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2
Q

Why might the Pricing be influence in a business ?

A

By competitors in the same field

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3
Q

What kind of price should a business charge it’s customers ?

A

A price the customers are prepared to pay for

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4
Q

What are the factors affecting the price of products and service ?

A
  • A business may look at the price charged
    by its competitors
  • Business has to take into account that if
    customer’s are not familiar with their
    name they may not pay a high price.
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5
Q

What are the methods of pricing used by a business ?

A
  • competitor pricing
  • cost-plus pricing
  • penetration pricing
  • skimming
  • promotional pricing
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6
Q

What is competitors pricing ?

A

Business looks at the price being charged by their competitors and indicates the price it should charge.

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7
Q

What is cost-plus pricing ?

A

Business will look at their cost and add the amount of profit they think they are going to make.

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8
Q

What is penetration pricing ?

A

setting a low price then competitors and often used by new businesses

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9
Q

What is Skimming ?

A

selling a new product at higher price because the quality of it is better than others and customers are willing to pay for it.

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10
Q

What is promotional pricing ?

A

This is where a prices are reduced to give products a boost or to sell of old stocks.

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11
Q

Why is the product in Marketing important?

A

It is important because customers should be willing to pay for the product at a price from which the business can make profit.

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12
Q

Why is Image and Design important to Product ?

A

Because once the image of a brand is created, it is at a risk of being damages as well which will take more time to restore.

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13
Q

How does the Design affect the Business ?

A

when a brand becomes known, customers like to be seen to own certain goods which is usually shown by the brand logo and design of the product.

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14
Q

Why do businesses think its important to develop products ?

A

Because after the first product is released customers have high hopes on other products and businesses start working to develop a product or make a new one.

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15
Q

How is Branding closely linked to design and image?

A

They are linked together because of their logo which is used as a symbol to represent the brand which helps make one’s brand known.

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16
Q

What is the product life-cycle ?

A

It is the life span of a product over which consumers would want them.

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17
Q

What are the four stages of the product life-cycle ?

A
  • Introduction
  • Growth
  • Maturity
  • Decline
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18
Q

What happens in the introduction ?

A

product is new and sales are beginning

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19
Q

What happens in the growth ?

A

The sales grow quickly

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20
Q

What happens in Maturity ?

A

The sales reach it’s peak but the rate of growth slows down

21
Q

What happens in Decline ?

A

Sales start to fall

22
Q

When is the highest number of sales at ?

A

At the end of growth and start of maturity

23
Q

What methods are used to extend the life cycle ?

A
  • Advertising
  • Reducing the price
  • markets may be developed e.g. export to a country where the product was only at the introduction stage
24
Q

What are the 2 areas that you need to know about promotion ?

A
  • Point of sale promotion
  • Advertising
25
Q

What is the Point of sale promotion ?

A

It is a benefit the customers will receive when they buy the product.

26
Q

What are the 4 point of sale promotion ?

A
  • Price reduction
  • Competition
  • Loss leader
  • Free samples
27
Q

Why is Price reduction used ?

A

To sell of old stocks

28
Q

How is competition used as a point of sale production ?

A

When a person buys a product they could also be entered into a competition e.g. voucher in bags of crisps.

29
Q

What is loss leader ?

A

When some goods are sold at a lower price in order for the customers to buy other products as well

30
Q

Why do Businesses give Free samples ?

A

In order to tempt customers to buy their product.

31
Q

What are the methods of advertising ?

A
  • Social media
  • Websites
  • Television
  • Print Media
  • Radio
32
Q

What are the advantages of social media ?

A
  • cheap
  • could be reached to many people
33
Q

What are the disadvantages of social media?

A
  • Not every one uses social media (older people)
34
Q

What is a advantage of Websites ?

A

A lot of information can be provided

35
Q

What is a disadvantage of Websites ?

A
  • Expensive to keep it up to date
36
Q

What is a advantage of using Television for promotion ?

A
  • Reaches a wide range of audience
37
Q

What is a disadvantage of using Televisions to promote business ?

A
  • Expensive
38
Q

What is an advantage of using Printing Media for promotion ?

A
  • It targets local audience
39
Q

What is a disadvantage of Printing Media ?

A
  • Not many people read leaflets, and
    newspaper
  • Costly
40
Q

What is an advantage for using Radio as a form of promotion ?

A
  • It is cheaper than television
  • suitable for local advertising
41
Q

What are the disadvantages of using a Radio ?

A
  • products can not be seen
42
Q

When promoting a product what will the business consider ?

A
  • Target market
  • If they can afford to promote
  • What their aim of promotion is
43
Q

Why should a business promote ?

A
  • to encourage growth through more sales
  • to inform customers about existing and new products
  • to persuade customers to buy products
  • To present, change, introduction and improvement of a business / brand
44
Q

What is physical distribution ?

A

Getting the product to the consumer

45
Q

What are the 3 different physical distribution channel ?

A
  1. Producer —- Consumer e.g. farmer
  2. Producer – Retailer –Consumer
  3. Producer-Wholesaler-Retailer-Consumer
46
Q

What is Digital distribution ?

A

when the product can be downloaded by consumer directly from the seller

47
Q

What are the advantages of digital distribution ?

A
  • Consumer can buy the product 24/7
  • method of selling without the costs of physical shops or transport
48
Q

What are the disadvantages of digital distribution ?

A
  • physical goods can not be distributed digitally
  • competitive market as consumers can compare products and prices online
  • customers who don’t own a computer wont be able to buy
  • Some customers don’t like sharing they bank / credit details online .

Business Marketing (5 decks)

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