the marketing mix Flashcards

1
Q

what are the 4 Ps

A

price
product
promotion
place

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2
Q

what is price

A

the amount of money that a customer will need to pay to receive the product

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3
Q

factors affecting price

A

the amount of competition from other businesses
customers opinions about the products value

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4
Q

what is product

A

the actual good or service that the business is offering for sale

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5
Q

what is promotion

A

the range of activities undertaken by a business to make customers aware of its products and to encourage them to buy them

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6
Q

examples of promotion

A

offering discounts
television or billboard advertising
using social media such as FB and twitter
sponsoring people or organisations such as sport teams or individual athletes

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7
Q

what is place

A

where the customer can purchase the product

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8
Q

examples of place

A

online
through a retailer
direct from the manufacturer

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9
Q

what can place also refer to

A

the route that a product takes to get from the manufacturer to the end customer

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10
Q

how do all the elements work together

A

competitive environment
changes in consumer needs or trends
changes in technology

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11
Q

what is the competitive environment

A

number and relative power of businesses competing in one market

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12
Q

examples of how a business may respond to its competitors (4)

A

changing a products price to match or undercut its competitors, be wary of price war
altering aspects of an existing product or bringing out a new product with a unique feature to achieve product differentiation
undertaking promotional activities to boost brand awareness to increase brand loyalty
changing/ increasing number of places the products are available to the customer to maintain or increase market share such as introducing an e commerce site

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13
Q

examples of changing consumer needs on marketing mix

A

introducing e commerce for increased convenience of internet shopping
launching new products to respond to consumer trends such as veganism or whole food diets
changing prices in response to economic conditions, such as customers reducing amount they spend during recession
opening more small local stores to make products more easily accessible to consumers who don’t own cars

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14
Q

what is undercut

A

sell the same product for a lower price than competitors

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15
Q

price war

A

when competing businesses try to undercut each other by lowering prices
leads to an ongoing battle where only the customer benefits not the businesses

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16
Q

product differentiation

A

designing a product with some unique features that distinguish it from similar products sold by competitors

17
Q

what is brand loyalty

A

a customers willingness to buy a product from a particular business rather than from its competitors

18
Q

what is market share

A

a percentage of the total sales of a product in a market that is taken by one business in the market

19
Q

what is recession

A

a period of economic decline characterised by the fact that the economy has failed hk grow for 6 consecutive months

20
Q

examples of impact of changes in technology (5)

A

introducing e commerce or m commerce to meet customer needs
using more digital communication like blogging and social media activity to promote products and keep customers interested in the brand
changing aspects of product design by incorporating new technologies in the product
lowering prices due to savings made by using efficient technologies in production process
changing prices due to greater availability of info to customers, like price comparison websites