marketing mix

Question 1

place

Answer 1

Place refers to the distribution and the channels through which a product or service is made available to customers. It involves ensuring that products are accessible to consumers at the right location, time, and in the right quantities. In a service-oriented business, “Place” can also mean the platform or environment where the service is delivered.

Question 2

process

Answer 2

refers to the systems and procedures a company uses to deliver its product or service to the customer. It’s a crucial element, especially in service-based businesses, where the customer experience is often influenced by how the service is provided.

Question 3

physical environment

Answer 3

refers to the tangible aspects of a business that customers interact with or experience when consuming a product or service. It includes everything a customer can see, touch, or feel in a business setting, which helps shape their overall perception of the company

Question 4

price

Answer 4

refers to the amount customers pay for a product or service. It is a critical component because it directly affects a company’s profitability, market positioning, and customer perceptions. Setting the right price involves considering various factors to ensure it aligns with the company’s objectives and meets customer expectations.

Question 5

people

Answer 5

refer to everyone involved in the delivery of a product or service, including employees, customers, and other stakeholders. This element is particularly critical in service industries, where interactions between staff and customers can significantly impact customer satisfaction and brand perception.

Question 6

product

Answer 6

refers to the goods or services a business offers to meet the needs and wants of its customers. It is a fundamental element of the marketing mix, as it directly influences customer satisfaction and loyalty. Understanding the product’s features, benefits, and lifecycle is essential for effective marketing and business strategy.

Question 7

promotion

Answer 7

refers to the various strategies and activities used by a business to communicate with customers and persuade them to purchase a product or service. It encompasses all marketing communication efforts aimed at raising awareness, generating interest, and driving sales. Promotion is crucial for building brand recognition, attracting new customers, and maintaining relationships with existing ones.

Question 8

why is it called marketing mix

Answer 8

as each element of marketing mix is related to the others, elements of the mix should work together to achieve the desired affect.

Question 9

whats the product life cycle

Answer 9

a theoretical model which describes the stages a product goes through over its life

Question 10

what are the stages of the product life cycle

Answer 10

• development
• intro
• growth
• maturity
• decline / end

Question 11

when does R&D start for a new product

Answer 11

in-between growth and maturity