mr smith-marketing mix and strategy

Question 1

what is the marketing mix made up of

Answer 1

4 ps
product-quality
place-where to locate
price-how much to charge it for
promotion-how to advertise the product
plan business uses to reach its marketing objectives

Question 2

what is the design mix made up of
business needs to make sure product is fit for purpose

Answer 2

Function-fit for purpose
Aesthetics-does it look good
Costs-not too costly to produce
E

Question 3

why might social trends influence the design mix

Answer 3

business may need to alter aesthetics or function of their product in response to changing trends
consumers concerned about overuse of resoruces and want businesses to minimise waste they produce/making their products more reusable and recyclable

Question 4

types of branding

Answer 4

M
O
P
manufacturer branding
own branding
product branding

Question 5

manufacturer branding

Answer 5

how a business presents itself
e.g kellogs has red logo which stands out
consumers trust products

Question 6

product branding

Answer 6

specific indivdual brands that cooperate brand makes
e.g rice krispisies made with kellogs brand

Question 7

own branding

Answer 7

do not have distinctive slogan or attractive logan
usually charged at low prices

Question 8

disadvnatges to own branding

Answer 8

consumer not able to charge high prices
cheaper to produce

Question 9

advnatges of own branding

Answer 9

consumers can get product at lower price
consumers can associate as being lower quality so do not get same wellbeing as getting well known branded product

Question 10

rebranding

Answer 10

marketing strategy
involves changing a design of product, promotion or pricing or distribution
business miht wwant to im product at a new target market or wants to differenitate it from competiton markets

Question 11

benefits of strong branding

Answer 11

added value to product
makes product less price elastic
consumer perceives it as higher quality and more desirable then substitutes

Question 12

emotional branding

Question 13

what are the pricing strategies

Answer 13

price skimming-high to low
penetration pricing -low to high
competition pricing-charging product similar to competitors
predatory pricing-deliberately lowering price to push another business out of the market

Question 14

price skimming

Answer 14

high to low
normally an innotatie prouct e.g new iphone
consumer will pay more as has value, want the new in thing
product then reduced after year or so due to the ones who wanted first grasbs now already having it

Question 15

penetration pricing

Answer 15

low to high
where a product is put at low e.g essential thinsg such as beans
then increased slowly that consumers wont notice