Marketing Mix

Question 1

Marketing Mix includes: …?

Answer 1

Product
Place
Price
Promotion

Question 2

Product Line

Answer 2

This is the variety of the same product for customers of a particular market.
Range–> Mix–> Line

Question 3

Product Mix

Answer 3

The different products that a company makes
eg . laptops and watches for apple
Range–> Mix–> Line

Question 4

Product Range

Answer 4

All the product lines of a firm’s product mix

Question 5

Consumer Products

Answer 5

The products purchased by private individuals for their own personal use

Question 6

Producer Products

Answer 6

Purchased by the business rather than private consumers and are used in the production process to produce consumer products

Question 7

Product Design and Development : Product Design includes –>

Answer 7

The physical aspects of a product

The process of adding value to the product

Question 8

Product Design and Development : New Product Developments Include–>

Answer 8

Mainly used by market oriented businesses

• Market research
• Product development and testing( to fulfill its purpose)
• Feasibility Study ( meeting all requirements and assessing methods being used and to implement or success)
• Launch

Question 9

Product Life Cycle Stages

Answer 9

-Development ( no sales of product)
- Launch/Introduction ( usually with a marketing campaign)
-Growth ( a lot of marketing to obtain and retain customers- rate of growth is rapid)
Maturity- Rate of Growth slows down
-Saturation ( after the steep , it is a plateau or a dip in the graph when competition is high and sales have peaked)
- Decline