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Marketing Management > Marketing Mix > Flashcards

Marketing Mix Flashcards

1
Q

Define the marketing mix

A

The specific collection of actions and associated instruments employed by an organisation to stimulate acceptance of its ideas, products and services

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2
Q

Kotler et al 2001 marketing mix definition

A

‘Controllable tactical marketing tools that the firm blends to produce the response it wants in the target market’

Each element should be designed to add up to the positioning required

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3
Q

To be effective it needs to

A

Match customer needs

Create a competitive advantage

Should be well blended

Should match corporate resources

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4
Q

What is co-creation?

A

Joint creation of value by company and customer

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5
Q

Features of co-creation

A

Co-construct service experience to suit context

Active dialogue

Joint problem definition and solving

Innovating experience environments

Experience variety

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6
Q

Experience economy

A

Internal of experience society

  • how you feel
  • obtain better experiences
  • work for meaning/challenge

External of production society

  • what have/do
  • work for money
  • obtain material things

External vs internal orientated motifs

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7
Q

What is Relationship marketing

A

Network approach (not just seller initiated)

Long term relationships (stems from services marketing)

Customer relationship economies

Relationship building and management

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8
Q

8 Features of relationship marketing Gronroos 1994

A
  • long term focus
  • interactive marketing
  • customers less sensitive to price
  • quality of interactions important
  • managing customer base
  • real time customer feedback
  • interface of substantial strategic importance
  • internal marketing of substantial strategic importance
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9
Q

4 stages of Total offer to the customer

A
  1. Choose product to meet identified need of target segment
  2. Right distribution channel used to make it available
  3. Undertakes eye-catching promotion
  4. Price platform is acceptable to the customer and firm
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10
Q

Time scale of marketing mix

A

1960s 4Ps

1970s-1990s service aspects, 7Ps and consumer focus 4/7Cs

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11
Q

What are the 4Ps?

A

Product
Price
Place
Promotion

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12
Q

7Ps vs 7Cs

A

7Ps organisation facing

7Cs customer facing

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13
Q

What is Price?

A

How much it’ll cost

Amount of money charged for product or service

Sum of value exchanged for benefits of having/using product or service

E.g discount supermarkets, low cost airlines

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14
Q

What is place?

A

Where to sell your product

E.g convenience stores, coffee shops

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15
Q

What is product?

A

What products to make and sell

Anything that can be offered to a market for attention, acquisition, use or consumption

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16
Q

What is promotion?

A

Activities that communicate the product or service and its merits to the facet customers o persuade them to buy

17
Q

Promotion C

A

Communication

18
Q

Product C

A

Customer/consumer

19
Q

Place C

A

Convenience

20
Q

Price C

A

Customer cost

21
Q

4C’s

A

Customer/consumer (product)

Customer cost (price)

Convenience (place)

Communication (promotion)

22
Q

Nickels and Jolson 1970s suggested an extra P

A

Packaging

23
Q

1980s Kolter proposed Ps

A

Public opinion

Political power

24
Q

What is the extended marketing mix?

A

Accommodate specific aspects of marketing

25
Q

Booms and Bitner 3Ps extended marketing mix

A

Process

Physical evidence

People

26
Q

What is process?

A

Procedures mechanisms and flow of activities which lead to an exchange of value
E.g drive thru

27
Q

What is people?

A

All who directly or indirectly influence the perceived value of product/service

E.g apple staff build relationships
Abercrombie model staff

28
Q

What is physical evidence?

A

The direct sensory experience of a product/service that allows a customer to measure whether he/she has received value

E.g packaging, websites, paperwork, uniforms, buildings

E.g treatment by staff, length of wait, environment

29
Q

Why did Booms and Bitner add 3Ps?

A

To accommodate trends towards a service or knowledge-based economy

30
Q

Strengths of 7Ps

A

More comprehensive

More detailed

More refined

Broader perspective

Includes participants/people and process

Standardisation

Signals marketing theory

31
Q

Weaknesses of 7Ps

A

More complicated

Extra elements can be incorporated in 4Ps

Controllability of the three new elements

32
Q

Weaknesses of 4Ps

A

Too simple, not broad enough

Lack of services

Lack of relationship marketing

Lack of connection and integration

Static nature

33
Q

Strengths of 4Ps

Lee Goi 2009

A

Simplicity

Easy to memorise

Good pedagogic tool

Adaptable

Useful conceptual framework

34
Q

Lee Goi 2009

A

Marketing managers are learning to cope with a whole host of new elements that have emerged from the online world of the internet

35
Q

Low and Kok 1997

A

Decisions can’t be made on one event without considering its impact on other elements

36
Q

McCarthy pointed out (1960)

A

The number of possible strategies of the marketing mix is infinite

37
Q

Particularly useful in early days of the marketing concept when

A

Physical products represented a larger portion of the economy

38
Q

Criticism of McCarthy 4Ps 1960

A

Interplay between components not taken into consideration

39
Q

Relationship marketing

A

More focused on customer retention than customer acquisition
E.g EE, retain and spend more with them

Marketing Management (2 decks)

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