Marketing Mix

Question 1

What are the seven Ps

Answer 1

Product Process
Place Physical Environment
Price People
Promotion

Question 2

What are the different aspects of product in the meerkating mix

Answer 2

The Product should fit the task consumers want it for, it should work and it should be what the consumers are expecting to get.

Question 3

What are the different aspects of place in the meerkating mix

Answer 3

The product should be available from where your target consumer finds it easiest to shop. This may be High Street, Mail Order or the more current option via e-commerce or an online shop.

Question 4

What are the different aspects of price in the meerkating mix

Answer 4

The Product should always be seen as representing good value for money. This does not necessarily mean it should be the cheapest available; one of the main tenets of the marketing concept is that customers are usually happy to pay a little more for something that works really well for them.

Question 5

What are the different aspects of promotion in the meerkating mix

Answer 5

Advertising, PR, Sales Promotion, Personal Selling and, in more recent times, Social Media are all key communication tools for an organisation. These tools should be used to put across the organisation’s message to the correct audiences in the manner they would most like to hear, whether it be informative or appealing to their emotions. It needs to advertise your product and business in a good light and create a awareness for both.

Question 6

What are the different aspects of process in the meerkating mix

Answer 6

The delivery of your service is usually done with the customer present so how the service is delivered is once again part of what the consumer is paying for. this is about how the production of the product as well and every stage between getting the material and the consumer receiving it.

Question 7

What are the different aspects of physical environment in the meerkating mix

Answer 7

The physical environment refers to the tangible, or material, objects and conditions that surround a business.

Question 8

What are the different aspects of people in the meerkating mix

Answer 8

All companies are reliant on the people who run them from front line Sales staff to the Managing Director. Having the right people is essential because they are as much a part of your business offering as the products/services you are offering.

Question 9

why is product an important part of the 7Ps

Answer 9

Product is the centre point of all marketing, all decisions in the business revolve around the product(s) you are selling. Marketing activities like selling, purchasing, advertising, distributing, and sales promotion are useless without a product.

Product is the starting point of planning, no marketing programme will be prepared if there is no product. It us down on the basis of the nature, quality, and demand of the product.

Product is a end. The main of objective for most business would be to satisfy their customer which is done through a good quality product or service that fits their need or demand. There are low quality products in the marketing mix but they have a short life span as they fail to satisfy the customers needs.

It is one of the main things that differentiates you from your competitors

Question 10

Why is price important in the 7Ps

Answer 10

Price is important to marketers because it represents marketers’ assessment of the value customers see in the product or service and are willing to pay for a product or service.

Adjusting the price has a profound impact on the marketing strategy, and depending on the price elasticity of the product, it will often affect the demand and sales as well.

Pricing contributes to how customers perceive a product or a service.

It is one of the main things that differentiates you from your competitors

Question 11

Why is place important in the 7Ps

Answer 11

How rare the product or service is in that location. if the product your selling is a niche in a area it is a lot more likely to sell the if it is in a area with lots of competition

How easy it is to purchase. Your product needs to be accessible so that the customers don’t have to try very hard to buy it. This satisfies the customers more as it doesn’t waste their time.

How useful it might be. If the people in the area have no use for your product then there isn’t any point for them to buy it.

How attractive that product or service is in that culture. If the culture in the area doesn’t approve of this product you are selling it will actually cause a negative effect on the business so this needs to be considered carefully. This would apply to a business like McDonalds selling beef burgers in India

How many buyers (or how affluent those buyers) are available. If the area doesn’t have a high population then you would naturally have less customers. This needs to be considered when situating your business.

Question 12

Why is promotion important in the 7Ps

Answer 12

Understanding Your Clients.Promotional and marketing strategies can also assist your business in understanding and connecting with clients and customers. If your marketing plan is loosely structured, you might not have much success at targeting products to the “right” demographics.

Developing Financial Goals.Promotional and marketing strategies are also important for guiding your business into the development of financial goals. Financial goals are two-fold: They are related to your sales targets and also to your expenses budget. your marketing can effect these as if done correctly they can increase you sales a lot.

Your advertisement is one of the first things your customers see about you and so must make a good and big impression on them on in a little amount of time.

Creates awareness about you and your products so that people will come and buy from you, without this awareness its very hard for people to find out about you so you wont get much increase in you sales without it.

Question 13

Why is process important in the 7Ps

Answer 13

You have to make sure that you have a well-tailored process in place to minimise costs. Making your business more efficient is a very good way of improving it and becoming more successful.

Making sure you have a plan for your business is important. having the business plan can help you get loans form banks and also keeps your business operating smoothly. Having the business plan lets you plan out your future to help insure it doesn’t fail. The process of the business keeps the business operating. Process is about how the business works so it is very important as if the business doesn’t work nothing else matters

Question 14

Why is people important in the 7Ps

Answer 14

People Who Make the Products. Aside from the management team, there are people down the line who are responsible for coming up with the products and services of the company. Companies should take time to hire people who have the competence and expertise in the particular industry they are operating in. Investing in high calibre people will allow businesses to come up with the best products and services for their target customers. Having these people represent the company will also give the company a positive image in the eyes of the consumers. It goes without saying that such positive image attracts sales.

People Who Bring the Products to the Customers. These are the people who are supposed to know what the customers want and what the best way is for these customers to get what they want. they are the people that build a substantial customer base to keep their business profitable. They are the face of the business.

People Who Talk to the Customers.Companies no matter how big or small require customer service to support their products and services. They should have the right kind of people manning their customer touch points. For a lot of customers, this could actually make or break a deal.

Question 15

Why is physical environment so important

Answer 15

Physical evidence really could say a lot about how successful a product could be in the future. its the first impression that the customer gets of your business which will define their views on your business and the product.

The environment of the business area reflects on what the products are like in the customers eye so if it is in poor shape no one will want to go there.

The exterior design or design of the website is what attracts the customer to visit or stay., if the website is not easy to use (not user friendly) or is not well designed and looks bad quality they wont trust it and wont use your website and wont buy anything

The physical environment of your office says a lot about what you’re trying to offer.

Question 16

what is the Boston matrix

Answer 16

The Boston Matrix is a model which helps businesses analyse their portfolio of businesses and brands. The Boston Matrix is a popular tool used in marketing and business strategy.

Question 17

what are the for parts of the Boston martix

Answer 17

Question marks, dogs, cash cows, and stars

Question 18

what does it mean to if a product is a cash cow

Answer 18

high market share, low market growth

Question 19

what does it mean if a product is a dog

Answer 19

low market share, low market growth

Question 20

what does it mean if a product is a question mark

Answer 20

low market share. high market growth

Question 21

what does it mean if a product is a star

Answer 21

high market share, high market growth

Question 22

what are the points of the product life cycle

Answer 22

1. Introduction – researching, developing and then launching the product
2. Growth – when sales are increasing at their fastest rate
3. Maturity – sales are near their highest, but the rate of growth is slowing down, e.g. new competitors in market or saturation
4. Decline – final stage of the cycle, when sales begin to fall

Question 23

what methods could you use to extend the life of a product

Answer 23

2. Advertising – try to gain a new audience or remind the current audience
3. Price reduction – more attractive to customers
4. Adding value – add new features to the current product, e.g. improving the specifications on a smartphone
5. Explore new markets – selling the product into new geographical areas or creating a version targeted at different segments
6. New packaging – brightening up old packaging or subtle changes

Question 24

what influences the price of a product

Answer 24

•Competitors:
a huge impact on pricing decisions. The relative market shares (or market strength) of competitors influences whether a business can set prices independently, or whether it has to follow the lead shown by competitors

•Costs:
a business cannot ignore the cost of production or buying a product when it comes to setting a selling price. In the long-term, a business will fail if it sells for less than cost, or if its gross profit margin is too low to cover the fixed costs of the business.

•The state of the market for the product:
if there is a high demand for the product, but a shortage of supply, then the business can put prices up.

•The state of the economy – some products are more sensitive to changes in unemployment and workers wages than others. Makers of luxury products will need to drop prices especially when the economy is in a downturn.

Other elements of the marketing mix:
it is important to understand that prices cannot be set without reference to other parts of the marketing mix. The distribution channels used will affect price – different prices might be charged for the same product sold direct to consumers or via intermediaries. The price of a product in the decline stage of its product life-cycle will need to be lower than when it was first launched.

Question 25

what is product portfolio analyses

Answer 25

A product portfolio is the collection of all the products or services offered by a company. Product portfolio analysis can provide nuanced views on stock type, company growth prospects, profit margin drivers, income contributions, market leadership and operational risk.

Question 26

why is branding important

Answer 26

Branding promotes recognition.

Your brand helps set you apart from the competition.

Your brand tells people about your business DNA.

Your brand provides motivation and direction for your staff.

Question 27

what are the different types of pricing

Answer 27

Skimming

Penetration

Question 28

what is penetration pricing

Answer 28

Penetration pricing is a marketing strategy used by businesses to attract customers to a new product or service. Penetration pricing includes offering a low price for a new product or service during its initial offering. The lower price helps to lure customers away from competitors.

Question 29

what is price skimming

Answer 29

Price skimming is a product pricing strategy by which a firm charges the highest initial price that customers will pay and lowers it over time. As the demand of the first customers is satisfied and competition enters the market, the firm lowers the price to attract another, more price-sensitive segment.

Question 30

what is multi channel distribution

Answer 30

A multichannel distribution system then is when a merchant decides to strategically distribute their products to customers via multiple channels, such as directly through physical stores, an online marketplace like Amazon, or through another large retail chain.

Question 31

name some variables that influence your distribution channels

Answer 31

Product:
Perishable goods need speedy movement and shorter route of distribution. For durable and standardized goods, longer and diversified channel may be necessary.

Competitors:
Marketers closely watch the channels used by rivals. Many a time, similar channels may be desirables to bring about distribution of a company’s products. Sometimes, marketers deliberately avoid channels used by competitors. For example, company may by-pass retail store channel (used by rivals) and adopt door-to-door sales (where there is no competition).

place:
This refers to geographical distribution, frequency of purchase, average quantity of purchase and numbers of prospective customers.

Marketing Environment:
During recession or depression, shorter and cheaper channel is preferred. During prosperity, we have a wider choice of channel alternatives.

Question 32

what is the importance of digital marketing

Answer 32

Because via electronic channels and by posting positive comments, feedbacks about your company/product you (and your happy customers) can attract new customers and build long-lasting relationship. But, be careful! It works both ways! Happy customers can help you, but unhappy customer can harm your business very seriously.
Most things now a days is digitalised so the most effective way to reach people is through digital marketing. Without it you will be severally behind any competitors who do. it will help you expand your business extremely and help you go international with your business as you can communicate and reach people from anywhere with social media.

Question 33

what is e-commerce

Answer 33

commercial transactions conducted electronically on the Internet.

Question 34

Why is e-commerce so important

Answer 34

Can Broaden Your Brand
Ecommerce is an ideal way you can take your brand from a traditional brick and mortar store to an innovative, well loved brand. With online customer service, blogs and social media, no longer is your business one singular store,

It’s More Convenient
An online store is available all day, every day meaning your customers can visit your store at all times, no matter what their schedule might be.

Increase Your Reach
Due to the internet’s accessibility, millions of people across the world can view your website at any time, meaning that for those looking to expand their businesses and reach out to a larger audience, you have many more opportunities to do so.

Gives You Marketing Opportunities
lead to more chances of your business getting found in search engines, but a huge number of marketing techniques can also work alongside your website, including pay per click advertising, your social media marketing and your email marketing, all of which can include links back to your website.

More targeted advertising

Question 35

Examples of different meerkating objectives

Answer 35

Increase sales.
Build brand awareness.
Grow market share.
Launch new products or services.
Target new customers.
Enter new markets internationally or locally.
Improve stakeholder relations.
Enhance customer relationships.

Question 36

Compare the meerkat.com

Answer 36

Simples