Marketing Strategy

Question 1

inco

What are the 7 Ps of the Marketing Mix?

Answer 1

• Product
• Price
• Place
• Promotion
• People
• Process
• Physical Evidence

These elements are crucial for developing a comprehensive marketing strategy.

Question 2

What does ‘Product’ in the Marketing Mix refer to?

Answer 2

Features, quality, branding

It encompasses all aspects that define the product offered to consumers.

Question 3

What is the focus of ‘Price’ in the Marketing Mix?

Answer 3

Strategies such as skimming, penetration, and bundling

Pricing strategy is essential for positioning products in the market.

Question 4

What does ‘Place’ refer to in the Marketing Mix?

Answer 4

Distribution channels such as online, retail, and wholesale

It determines how products reach consumers.

Question 5

What elements are included in ‘Promotion’ within the Marketing Mix?

Answer 5

• Advertising
• PR
• Sales promotions

Promotion involves communicating the product’s value to customers.

Question 6

Who are included in the ‘People’ aspect of the Marketing Mix?

Answer 6

Staff and customer service

This emphasizes the importance of human interaction in service delivery.

Question 7

What does ‘Process’ refer to in the Marketing Mix?

Answer 7

How service is delivered

It focuses on the efficiency and effectiveness of service delivery.

Question 8

What is meant by ‘Physical Evidence’ in the Marketing Mix?

Answer 8

Tangible elements like packaging and store design

These elements help shape consumer perceptions of the brand.

Question 9

When should a ‘Skimming’ pricing strategy be used?

Answer 9

High initial price, then lower

Commonly used for tech gadgets to maximize profits from early adopters.

Question 10

What is the purpose of a ‘Penetration’ pricing strategy?

Answer 10

Low price to gain market share

This is often employed when entering a new market.

Question 11

What is ‘Psychological Pricing’?

Answer 11

Setting prices at 9.99 instead of 10

This strategy plays on consumer perception of value.

Question 12

What is ‘Bundle Pricing’?

Answer 12

Multiple products sold together

A common example is fast-food meals that combine various items at a lower price.

Question 13

What are the four types of market segmentation?

Answer 13

• Demographic
• Psychographic
• Behavioral
• Geographic

These categories help businesses target specific consumer groups effectively.

Question 14

What does demographic segmentation consider?

Answer 14

• Age
• Gender
• Income

This type of segmentation focuses on quantifiable characteristics of the population.

Question 15

What factors are analyzed in psychographic segmentation?

Answer 15

• Lifestyle
• Values

This segmentation type delves into consumers’ preferences and motivations.

Question 16

What does behavioral segmentation focus on?

Answer 16

• Purchase habits
• Brand loyalty

It examines how consumers interact with products and brands.

Question 17

What does geographic segmentation involve?

Answer 17

• Region
• Urban vs. rural

This segmentation considers the physical location of the consumer.

Question 18

Difference between market segmenting and target marketing

Answer 18

MS: Dividing a broad market into smaller, homogeneous groups based on shared characteristics.
TM: Selecting specific segment(s) to focus marketing efforts on.

E.g A car company segments buyers into:
- Eco-conscious (EV buyers)
- Luxury seekers (high-end sedans)
- Budget families (minivans).
The same company targets luxury seekers with ads for premium features, ignoring budget families.