Marketing Mix

Question 1

Fill in the marketing mix (4 P’s)

Answer 1

Product
Price
Place
Promotion

Question 2

What will a business ask about the following?

Answer 2

Product- what is the product or service unique selling point? (USP)
- how will the product be packaged to appeal to consumers?
Price- how much will it cost to make?
- what prices are competitors charging?
Place- to retailers? (Shops)
- directly? (From one shop or website)
Promotion- how will the target market find out about it?

Question 3

What is the channel of distribution

Answer 3

The channel of distribution is the path a product follows from the manufacturer to the consumer.
E.g manufacture-retailer-consumer

Question 4

What is a advertising

Answer 4

Advertising is how a business communicates information to consumers to encourage them to but products and services

Question 5

Name 3 type of advertising + explain them

Answer 5

1. Informative advertising- provides info about a product or service
2. Reminder advertising- aims to keep the product or service in the consumers mind.
3. Competitive advertising- aims to show that a brands product is better than its competitors.

Question 6

Advantages if digital media

Answer 6

• digital marketing costs less than traditional advertising.
• digital advertising can be shared globally without any extra costs

Question 7

Explain the term interpreneur

Answer 7

An employee who demonstrates enterprise characteristics in the workplace is called an intrapreneur

Question 8

What does SWOT stand for

Answer 8

Strengths
Weaknesses
Opportunities
Threats

Question 9

What is marketing

Answer 9

Marketing is all the actions a business takes to encourage consumers to buy their product or service.

Question 10

What is a target market

Answer 10

Target market refers to the people that are likely to be interested in a particular product or service

Question 11

What is market research

Answer 11

Market research is gathering, recording and analysing information about the wants and needs of consumers.

Question 12

What is desk research and give an advantage and disadvantage

Answer 12

Desk research involves looking at information that is already available from other resources e.g the internet, reports.
ADV
cheap, easy to access
DISADV
may be out of date, not specific

Question 13

What is field research and give an advantage and disadvantage

Answer 13

Field research involves collecting new information directly from the target market w.g interviews
ADV
Up to date info, very specific
DISADV
expensive, time consuming