marketing mix

Question 1

The Marketing Mix

Answer 1

Refers to the 4P’s of marketing; Product, price, place and promotion.

Question 2

Product

Answer 2

An item or service you sell to serve customers needs and wants.

Question 3

Different stages of creating a product customers want to buy are:

Answer 3

Image and design
Invention and innovation
Branding

Question 4

Image

Answer 4

Relates to how a customer feels about owning a certain product

Question 5

Design

Answer 5

What the product does (its function) and how it looks (its style).

Question 6

Invention

Answer 6

When a business comes up with a new product or service

Question 7

Innovation

Answer 7

The improvement of an original idea.

Question 8

Branding

Answer 8

Creating an identity for the product which clearly distinguishes it from its competitors. Sometimes referred to as a trade mark

Question 9

Benefits of branding

Answer 9

RECOGNITION
HIGHER PRICES
DESIRE
BRAND LOYALTY

Question 10

The product life cycle

Answer 10

A product time span in which consumers want them.

Question 11

Stages of the Product life cycle

Answer 11

Introduction
When the product is entered into the market as brand new. Involves strong advertising and promotion campaigns with low sales volumes initially.
Growth
The product begins to become more recognised, increasing sales and competition.
Maturity
The product is now well known and sales have reached their peak. As a result the cost of supporting the product declines and market share may increase whilst competition is much greater.
Decline
The product outlives itself and its usefulness. Sales begin to fall.