Marketing Mix

Question 1

What is the marketing mix?

Answer 1

Meeting a customers needs and desires, done by:

Selling them the PRODUCTS they want

Charging a suitable PRICE they are willing to pay

Making the product or service available in the right PLACE

Making them aware of the product or service by using PROMOTION

Question 2

What are four ways to increase a products “life cycle?

Answer 2

Advertising
Special deals
Increasing the product range
Changing the image

Question 3

What is competition?

Answer 3

Rivalry between competitors trying to achieve similar goals

Question 4

What is penetration?

Answer 4

A measure of the amount of sales or adoption of a product or service

Starting with a low price to attract customers

Question 5

What is skimming?

Answer 5

A product strategy in which a firm charges the highest initial price customers are willing to pay

Question 6

What are some examples of advertising? (6)

Answer 6

Television
Posters
Newspapers
Magazines
Radio
Billboards

Question 7

What are some examples of sales promotion?

Answer 7

Special offers
Price discounts
Vouchers
Free gifts
Discounts