Test Flashcards
What is branding
Branding is a way of identifying the business.
How your customer recognise and experiences your business
5 elements of brand identity:
Logo Slogan Jingle Key colour Package
Benefits of branding
Customer more likely to remember
Eases awareness
Customer loyalty
Customer satisfaction
What is marketing mix
Marketing mix is a combination of factors that can be controlled by a company to influence customers to purchase its products
What are the four factors of the marketing mix?
Product
Price
Place
Promotion
What is product in the marketing mix?
Product is the features and appearance of goods and services
What is price in the marketing mix?
Price is how much customers pay for a product
What is place in the marketing mix?
Place is the point where products are made available to customers
What is promotion in the marketing mix?
Promotion is how customers are informed about products
How can you adjust the factors in the marketing mix to become more successful?
Change the price
Sell it in more shops
Create new advertising
Release something new
What is market segmentation?
Market segmentation is the process of dividing a market of potential customers into groups, based on different characteristics
Give examples of market segmentation
Age Gender Location How much money you make Religion
What are the two types of market research?
Primary/field
Secondary/desk
What is market research
Market research is the action or activity of gathering information about customers needs and preferences
What is field research?
Field research is when you gather information which has not been collected
