Marketing strategies

Question 1

What are the marketing strategies?

Answer 1

Plans to meet the marketing plan objectives

Question 2

What must be known to develop a marketing strategy?

Answer 2

Must understand market segmentation, product/ service differentiation and the appropriate blend of product, price and promotion and place to ensure customer preference

Question 3

What is market segmentation?

Answer 3

The process of finding groups of customers within the total market

Question 4

How may a market be segmented?

Answer 4

Geographical

demographical

psychographic

behavioural

Question 5

When does Product differentiation occur?

Answer 5

When consumers perceive a difference in a product or service compared to its competing products. The purpose is to create a competitive advantage

Question 6

In the marketing mix what does place refer to?

Answer 6

Distribution channels

Intermediaries

Physical distribution

Question 7

In the marketing mix what does promotion refer to?

Answer 7

Personal selling

Advertising

Below the line promotions

Public reltaions

Question 8

In the markting mix what does product refer to?

Answer 8

Positioning

Branding

Packaging

Question 9

In the marketing mix, what does price refer to?

Answer 9

Methods

Tactics

Price

Question 10

What does positioning involve?

Answer 10

The development of a product image in relation to other products. Expectations of the product

such as RM WILLIAMS

Question 11

What is meant by Branding?

Answer 11

Branding involves the development of names and symbols in the form of logos and trademarks for a product service

Question 12

What is the packaging?

Answer 12

the way a product is physically presented to the consumer

Question 13

What is price to the customer?

Answer 13

represents the value of the product and enables comparisons to be made

Question 14

What is price to the manufacturer?

Answer 14

The cost of producing the good

Question 15

What are some pricing methods?

Answer 15

Cost-based

market-based- supply and demand

competition-based -sets prices based on competitors

Question 16

What are some pricing strategies?

Answer 16

Skimming

penetration’

loss leaders

price points

Question 17

What is price skimming?

Answer 17

Skimming involves setting a high price while demand for the product is high and before competitors enter the market. This will occur in the introduction stage of the product life cycle

Question 18

What is price penetration?

Answer 18

Involves setting the price of a new product lower than the prices of competing products. This is used in the introduction phase of the product to develop brand loyalty

Question 19

What is loss leader?

Answer 19

Products that are priced well below cost in order to attract customers. usually sold at the same time as something else

Question 20

What is price points?

Answer 20

selling something for 19.99

Question 21

What is the promotional mix?

Answer 21

Advertising

sale promotions

personal selling and relationship marketing

publicity and public relations

Question 22

What is personal selling and relationship marketing?

Answer 22

Involves personal interaction between the salesperson and the customer.

Question 23

What is advertising?

Answer 23

Use of the media, such a tv radio the internet

Question 24

What is sales promotion?

Answer 24

Competitions

free gifts

displays at the point of purchase

Below the line promotions include free samples, point of sale displays, discounts and cash refunds

Question 25

What are opinion leaders

Answer 25

celebrities liking a product

Question 26

What is important to consider when choosing a method of distribution?

Answer 26

When a manager is choosing the method of distribution, the most important considerations relate to the target market buying behaviour. An understanding of what, where when and how much a customer will buy

Question 27

What is the distribution channel?

Answer 27

Is the link between the producer and the customers of the product

Question 28

What are direct channels?

Answer 28

used when a manufacturer distributes the product directly to the consumer

Question 29

What are indirect channels?

Answer 29

used when distribution occurs through independent intermediaries such as agents, brokers or retailers

Question 30

What are intermediaries?

Answer 30

Businesses specialising in distribution

Question 31

What are the three main channel choices?

Answer 31

Intensive- supermakets Selective- Apple computers Exclusive- fast cars

Question 32

What are some physical distribution issues?

Answer 32

Transport -needs to be cost-efficient Warehousing- must be able to access fast Inventory- need a manager JIT

Question 33

What are the other three Ps of marketing

Answer 33

People processes and physical evidence

Question 34

What is meant by people?

Answer 34

This refers to the business shaving well-trained staff who can support the companies products

Question 35

What does processes refer to?

Answer 35

refers to the procedures and policies that the business has developed in order to sell its outputs

Question 36

What does Physical evidence refer to?

Answer 36

This refers to the way that the product and even the business appears to the consumer

Question 37

What is involved in global marketing?

Answer 37

Global branding Standardisation customisation Global pricing Competitive positioning

Question 38

What can global pricing be influenced by?

Answer 38

impacts of tariffs fluctuations in interest rates price controls exchange rate and credit risk

Question 39

What is competitive positioning

Answer 39

Involves defining how a business differentiates its product and creates value for its market.