the marketing mix

Question 1

marketing mix

Answer 1

refers to a planned set of controllable, interdependent elements of a products marketing plan.

Question 2

marketing

Answer 2

is the process of developing, promoting and distributing products to satisfy customer needs.

Question 3

product

Answer 3

Refers to the actual good or service that satisfies the target markets needs. A business needs to develop a product that is in demand

Question 4

price

Answer 4

Refers to the amount a customer pays for a product.

Question 5

promotion

Answer 5

Refers to how a company will try to raise customer awareness, create a brand loyalty and increase sales. Promotion sales may include advertising, sales promotion, publicity etc

Question 6

place

Answer 6

Refers to how a business will provide customers with access to its product. It is about the how and where customers can purchase their product

Question 7

positioning/marketing positioning

Answer 7

Refers to how a product is designed to be perceived by the target market and where the business is placed in the market regarding specific attributes against its competitors

Question 8

example of positioning / marketing position

Answer 8

• Telstra is positioned as a reliable communication network, whereas Vodafone is perceived as more affordable but less reliable
  
  • Jetstar is positioned as being an affordable airline, while Qantas is positioned as an expensive yet premium option

Question 9

product feature

Answer 9

Product features are characteristic that deliver benefits; consumers buy product for their benefits

Question 10

branding

Answer 10

A brand is a name, symbol or design that is used to identify a product and differentiate it from competitors.

Question 11

product feature may include:

Answer 11

• What colours, sizes, flavours, textures etc… should the product be available in?
  
  • What add-ons should be available?
  • What specs should the product feature

Question 12

benefits of effective branding

Answer 12

• Improved perceptions of product
  
  • Greater customer loyalty
  • Less vulnerability to competitors marketing actions
  • Less vulnerability to crises
  • Greater profit margins (apple can charge higher prices and still have loyalty)
  • Increase marketing communications effectiveness

Question 13

example of branding

Answer 13

Cadbury brands its products by packaging them in a purple wrapper with gold font for the name. it establishes the product brand in consumers minds and they identify with it

Question 14

packaging

Answer 14

Refers to the materials used to wrap or protect a product. Its main purpose is to make the product appealing to consumers and convey high quality

Question 15

benefits of packaging

Answer 15

• Protecting the product from spoilage and damage
  
  • Containing product information that can persuade and stimulate sales
  • Differentiating the product from competitors through unique designs and professional appearance
  • Creating an impression of quality for the target market
  • Grabbing the target markets attention with striking colours and designs
  • Promoting the product
  • Providing safety, usage instructions and ingredient lists that mat be legal requirements
  • Serving as a point of difference through environmentally friendly packaging that appeals to prevailing community social norms