Marketing Mix

Question 1

What are the 7ps

Answer 1

Price
Promotion
Product
People 
Physical Environment
Place
Process

Question 2

Define Marketing Mix`

Answer 2

The combination of marketing decisions that influence a customer’s decision to buy is known as the marketing mix.

Question 3

What are convenience items?

Answer 3

Convenience items - such as milk and bread widely distributed, customers will not usually travel very far to get these and will buy an alternative brand if their usual is unavailable

Question 4

What are shopping goods?

Answer 4

Shopping goods - products where customers compare features and price between different options and may take time before deciding to buy

Question 5

____________ products - such as a sports car or Rolex, may have thought about purchasing for a period of time and would be willing to travel great lengths to buy

Answer 5

Speciality products

Question 6

Stages of the product life cycle?

Answer 6

Introduction
Growth
Maturity
Decline

Question 7

What is the highest point on a product life cycle graph?

Answer 7

The saturation point

Question 8

4 ways to increase a products life span

Answer 8

Increase promotional expenditure
Revamp the product in some way
Find new target market segments
Find new usage

Question 9

4 parts of the boston matrix

Answer 9

Star
Dog
Cash cow
Question mark

Question 10

What is e-commerce?

Answer 10

The buying and selling of products through an electronic medium such as the internet.