The Marketing Mix

Question 1

marketing

Answer 1

Refers to any actions a company takes to attract an audience to the companies product or services through targeted messaging
Aims to deliver standalone value for consumers through content with the long term goal of strengthening brand loyalty, and ultimately increasing sale

Question 2

types of marketing and defs

Answer 2

• Target market
  ○ The first element of a marketing strategy where marketing is directed toward a particular audience
  
  • Niche market
    A smaller portion of the target market with specific needs on which a specific products is focused

Question 2

4P’s of marketing

Answer 2

product
price
place
promotion

Question 2

product

Answer 2

• Distinguishing your product from that of your competitors is critical
  
  • If you don’t do something different or superior to the competition, why should they buy from you
  • Product differentiation is the creation of a real or perceived difference in a product designed to attract customers
    Can take the form of functionality, styling, quality, safety, packaging, warranty, accessories, or brand name image

Question 3

price

Answer 3

• There’s a lot to consider when deciding on the price for a product. Of course, the price will have to be sufficient to cover costs if you wish to make a profit. However, the product must be competitively priced to appeal to customers.
  Conversely, if a product has little value in the eyes of the consumer, then it may need to be underpriced to sell. Price may also be affected by distribution plans, value chain costs and markups and how competitors price a rival product.

Question 4

place

Answer 4

All the methods involved in getting a product involved with getting a product in the hands of customers

Question 5

promotion

Answer 5

• All of the methods to inform or persuade targeting customers to buy a product and build positive customer relationship
  
  • Communicating the benefits of your good or service to customers includes advertisement sales promotion, personal selling, public relations, direct marketing and publicity
    Your message should be clear and geared towards your audience

Question 6

food marketing strats (dont bother just know main ones)

Answer 6

• Mass media
  
  • Influencers
  • Billboards
  • In-store sample
  • Letterbox drops
  • Buy one get one free
  • Sponsorships
    Cash back offers