Marketing Mix Flashcards
What is the definition of marketing?
Marketing is the strategic function of a business to create value by stimulating, facilitating and fulfilling customer demand
What’s the main purposes of marketing?
1) to increase sales/usage/profitability
2) to create a good image for the firm and it’s products
3) for a competitive advantage
4) customer satisfaction
What is the definition of promotion?
Promotion is the any form of communicating with consumers with the purpose of creating awareness about the firm and it’s products and services
What is market research and what are the two types of market research?
Market research is the process of collecting, recording, analysing and evaluating information about customers and the whole market as a whole.
The main types of market research are “primary” and “secondary” market research.
What are the stages of market research?
1) Set objectives
2) Design research plan
3) Data collection
4) Analyse data
5) Report results
What are the two main research sources for secondary market research?
1) EXTERNAL- trade reports or government published statistics
2) INTERNAL - data from firm’s existing records
What is situation analysis?
It’s when firms assess the business environment of new or old product markets. The two tests underneath situation analysis is the SWOT and PEST analysis.
What is the marketing mix?
It is the four interlinked components that influence the customer’s decision and the emphasis the provider places on the component when influencing the customer’s decision.
Components - PRICE, PRODUCT, PLACE, PROMOTION
What is segmentation and the main forms of segmentation?
Segmentation is when firms classify customers based on pre-set characteristics and the main forms of segmentation is as follows -
- Demographic segment
- Lifestyle/psychographic segment
- Geographic segment
What are the various stages of the product life cycle?
- Introduction
- Growth
- Maturity
- Decline
Name the characteristics of a product
- separable
- homogenous
- storable
- tangible
What are the characteristics of a service?
- intangible
- heterogenous
- not capable of being stored
- inseparable
How can brand image be created?
Brand image can be created using the following methods :-
- logos
- slogans
- packaging
- promotion
- unique selling point
What is product/service mix?
Product and/or service mix is basically the range of products and services offered by a firm.
Name the characteristics of a product
- separable
- homogenous
- storable
- tangible
