The marketing mix Flashcards

1
Q

What is Marketing ?

A

Marketing is an investment which leads to brand awareness and trust.

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2
Q

What are some examples of activity that Firms do for Marketing?

A

Research
Analyse
Setting Marketing goals
Develop Market Strat

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3
Q

What is Market orientated ?

A

when the business bases its marketing mix on its perception of what the market wants

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4
Q

What are the key features of a Market orientation ?

A

Fast response to changes in Market

Able to anticipate market challenges

Confidence of a new product success

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5
Q

What are the advantages of Market orientation ?

A

Flexible to change market
Decisions based on market research
Loyal Customers

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6
Q

Disadvantges of being Market-led?

A

High cost of Market research to understand the market

Unpredictable of the future

Constant Internal changes

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7
Q

What is product orientation?

A

base its products or services on what it perceives as its internal strengths.(Don’t take account of customer needs and wants)

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8
Q

Advantages and cons of Product Orientation?

A

EOS
Quality improvement
Focus on Product development

Changes in Market cannot be responded to
Fashion and taste not included for the product mix

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9
Q

What is Asset-led Marketing?

A

Tries to relate a customers taste to the business’ own strengths

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10
Q

Benefits of Asset-led marketing?

A

Aware of Weaknesses(reduce)
Cost of market research lower
Success greater

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11
Q

What is the marketing Mix?

A

Set of tactics and strategies (4P)
to effectively market products to target customers

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