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MARKETING MIX Flashcards

COM EXAM

1
Q

MARKETING MIX

A

A systematic combination of 4 elements - price, place, product and promotional activities used to satisfy the needs of an organization’s target market and at the same time achieve its market objectives

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2
Q

MARKETING MIX FEATURES

A
  1. increasing sales and profit
  2. integrated approach
  3. link
  4. equilibrium
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3
Q

PROMOTION MIX

A

The process of communication with potential buyers involving information, persuasion, influence.
It includes all types of personal and impersonal communications with customers

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4
Q

FUNCTIONS OF PROMOTION MIX

A
  1. to build an image
  2. to provide information
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5
Q

ELEMENTS OF PROMOTION MIX

A
  1. Advertising
  2. Personal Selling
  3. Sales Promotion
  4. Publicity
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6
Q

ADVERTISING

A

It is any paid form of nonpersonal presentation and promotion of ideas, goods and services by an identified sponsor

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7
Q

ADVERTISING FEATURES

A
  1. paid form
  2. non personal form
  3. identified sponsor
  4. mass communication
    5.wide variety of media
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8
Q

ADVERTISING OBJECTIVES

A
  1. new product
  2. goodwill
  3. loyalty
  4. educate
  5. competition
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9
Q

SALES PROMOTION

A

Sales Promotion refers to all those activities other than advertising and personal selling that stimulates consumer purchasing and dealer effectiveness
Activities includes distribution of free sample, premium or bonus offers, free coupons, etc

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10
Q

FEATURES OF SALES PROMOTION

A
  1. not a routine
    2.supplement advertising
  2. short term
  3. targeted
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11
Q

OBJECTIVES OF SALES PROMOTION

A
  1. on the spot
  2. immediate sales
    3.old stocks
  3. supplement advertising
  4. demand
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12
Q

PERSONAL SELLING

A

Personal Selling is a process of informing, assisting and persuading people to buy a service through direct personal contact and involves face to face communication between the buyer and seller

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13
Q

FEATURES OF PERSONAL SELLING

A
  1. Personal interaction
  2. Art
    3.Two way communication
    4.Pervasive
  3. long lasting benefit
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14
Q

OBJECTIVES OF PERSONAL SELLING

A
  1. increase
  2. introduce
  3. grievances
  4. switch
  5. feedback
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15
Q

PUBLICITY

A

Publicity is a news carried in the mass media about an organization and products, services and activities which are not paid for by it.
Publicity can be positive and negative.
It is free of cost as the company does not pay for any time and space in the media
Publicity is not always under control of the company

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16
Q

FEATURES OF PUBLICITY

A
  1. not paid
  2. favourable news
  3. media
  4. no direct control
  5. negative
17
Q

OBJECTIVES OF PUBLICITY

A
  1. inform
  2. highlight
  3. public attention
  4. to warn
18
Q

PRICE MIX

A

The term price denotes the money value of a product or service.It is the amount of money that a seller is asking for the product or service he offers for sale or the amount which buyers are to pay
It not only determination of base price but also the terms and conditions for sale.
Price determines largely the sales value and profit margins.
Price structure affects the competitive position and market share of the firm.
A firm does not succeed if its price are too high or too low.
to the consumer, price determines his purchasing power and standard of living.

18
Q

PLACE MIX

A

Place element of marketing mix refers to the distribution of the product to make them available to customer for purchase and consumption
Distribution of the product is an important factor because if the product is not available in the right place at the right time in a right quantity, they would not buy the product

18
Q

FACTORS DETERMINING PRICE

A
  1. Objective of the firm
  2. Cost of the product
  3. Competition in the market
  4. Buying Motives
  5. Governmental Control
19
Q

DISTRIBUTION (PLACE MIX) 2 BROAD FUNCTION

A
  1. the choice of distribution channel through which the product which the product flows from the manufacturers to ultimate consumers
  2. physical distribution comprising transportation and storage of goods
20
Q

CHANNEL OF DISTRIBUTION

A

A channel of distribution is the route along which the product flows from point of production to the point of ultimate consumption or use.
A distribution channel serves as a connecting link between the producer and consumer.

21
Q

CHANNEL OF DISTRIBUTION 3 TYPES OF FLOWS

A
  1. Product flows downwards from producer to consumer
  2. Cash flows upwards from consumers to the producers as payment of products
  3. Marketing information flows in both directions
22
Q

CHANNEL OF DISTRIBUTION FUNCTIONS

A
  1. sorting
  2. accumulation
  3. allocation
  4. promotion
  5. risk taking
23
Q

MANUFACTURER - CONSUMER
ADVANTAGES

A
  1. very fast and economical
  2. direct contact
24
Q

MANUFACTURER - CONSUMER
DISADVANTAGES

A
  1. expert service
  2. large investment
25
Q

DIRECT DISTRIBUTORS ARE SUITABLE FOR IN WHICH CASES
(MANUFACTURER - CONSUMER)

A
  1. when customer buy in large quantity
  2. When customers are concentrated in small areas
  3. Incase of industrial products
  4. Incase of perishable product like milk, eggs, fruits etc
26
Q

CHOICE OF CHANNEL OF DISTRIBUTION

A
  1. product- related factors
  2. market - related factors
  3. company - related factors
  4. middlemen- related factors
27
Q

PRODUCT RELATED FACTORS

A
  1. unit value
  2. perishability
  3. bulk and weight
  4. standardization
    5.complexibility of a product
28
Q

MARKET RELATED FACTORS

A
  1. Nature of the market
  2. size of market
  3. geographical situation
  4. size and frequency of the product
29
Q

COMPANY RELATED FACTORS

A
  1. financial strength
    2.desire for control
  2. volume of output
30
Q

MIDDLE MEN RELATED FACTORS

A
  1. availability
    2.attitude
    3.service
  2. sales
31
Q

PHYSICAL DISTRIBUTION

A

A series of interrelated activities involved in the movement, storage, control etc of a material and finished goods so that they are available at the right time and right place. The main element like warehousing and transportation etc

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