Marketing Mix

Question 1

What are the 7ps of the marketing mix?

Answer 1

4ps- Promotion,place,product pricing

extra ps - process,physcial environment & people

Question 2

How can a business improve its competitiveness?

Answer 2

Changing elements of the marketing mix e.g improving quality or reassess how a product is promoted

Question 3

How may a business have to adapt its marketing mix?

Answer 3

• Adapt with technological changes

- adapt to new laws

Question 4

What are marketing objectives for?

Answer 4

These are targets a companies marketing department sets itself and they help a company to achieve its overall objectives

Question 5

What are marketing objectives usually based on?

Answer 5

1) Market Share
2) Brand loyalty e.g holding onto existing customers
3) Sales growth
4) Sales volume and value e.g reach certain sales volume over a certain time

Question 6

What does marketing actually do?

Answer 6

• Helps to keep bran loyalty
• Finds customers needs and wants
• Tries to ensure good produces and services for customers
• Finds customers needs and wants

Question 7

What are external factors influencing objectives?

Answer 7

Finance - budget given impacts what they can do
HR - identifies how many staff the business will need in order to meet its objectives and the skills that are needed
Corporate objectives- Department has to make sure that the its objectives are aligned with the companies overall goals for example no point focusing on laughing a product stall take a while if business wants st profits

Question 8

What are the external factors influencing marketing objectives?

Answer 8

Market - e.g in an economic boom its good to increase sales volume
Competitors - e.g if a competitor is focused on low prices they may change objectives so customers see them as price competitive
Ethics and environment
Technology - in markets where technology is regularly changing objectives are focuses on sales and price
Laws

Question 9

How do Laws impact marketing objectives?

Answer 9

• Things such as trade descriptions act mean that a business can’t lie about products
• Advertisement can be restricted e.g tobacco
• e.g predatory pricing is illegal in the eu

Question 10

What does STP stand for when deciding marketing decisions?

Answer 10

1) Segment
2) Target
3) Position

Question 11

What is segmenting?

Answer 11

Dividing market into groups with similar needs and characteristics e.g

• Geographic
• Income
• demographic
• behaviour e.g amount of use such as mobile companies targeting those who are most active

Question 12

What is meant by Targeting?

Answer 12

When a business what segment to target

Question 13

What are the three types of targeting?

Answer 13

1) Concentrated targeting - targeting one or two segments, good for smaller businesses
2) Differentiated targeting - Targeting several segments and adapting the product and marketing mix to appeal to each segment
3) Undifferentiated marketing- ignored targeting/segmetns are targets the whole market

Question 14

What is meant by positioning?

Answer 14

This is creating an image in customers mind and them developing an opinion of the business on this
-customers have mental maps of where they position products

Question 15

What things influence positioning?

Answer 15

• current products
• state of the market e.g in recession companies will want to position themselves where they are seen as best value for money

Question 16

Difference between niche and mass markets?

Answer 16

Niche - concentrated marketing with specialised products

Mass - Targets are designed to appeal to everyone for example coke