The Marketing Mix and Products

Question 1

what are the 4 Ps in the marketing mix

Answer 1

product
price
promotion
place

Question 2

what is the extended marketing mix

Answer 2

People - employees and how they effect the service
Process - systems used to deliver service
Physical Evidence - where the service is being delivered from

Question 3

how do the elements of the marketing mix relate to each other

Answer 3

• product with high making cost needs a high price to cover it
• prices increased to cover promo costs
• good processes needed for delivery of a product

Question 4

what is market research

Answer 4

it is designed to identify who the consumer is, what they want, find a gap in the market. highlight competition

Question 5

what is product research

Answer 5

it is designed to improve existing products, develop new products and take advantage of technology

Question 6

what is the product life cycle

Answer 6

R&D
intro
growth
maturity 
saturation 
decline

Question 7

what are extension strategies

Answer 7

• change name so looks different
• using a logo that’s known
• variety of packaging sizes
• limited edition

Question 8

what is the product portfolio

Answer 8

it contains all of the items an org has for sale

Question 9

what are the advantages of the product portfolio

Answer 9

• meets the needs of more consumers
• suggests competition
• increases consumer awareness as logo is used across range
• spreads the risk of failure

Question 10

what are the disadvantages of the product portfolio

Answer 10

• bad publicity will flow throughout
• produce a wide range so complex schedules
• need various knowledgeable staff
• R&D costs can be high to maintain a variety of new products

Question 11

what is the boston matrix

Answer 11

it is used by organisations to analyse their product range and allocate their limited resources to gain max benefits

Question 12

what does the star mean in the boston matrix

Answer 12

high share of high growth market, - must be protected from competition and need promotion and marketing to keep sales

Question 13

what is the question mark in the boston matrix

Answer 13

low share of high growth market, -there are things needing changed to get the product to a star potential

Question 14

what is the cash cow in the boston matrix

Answer 14

high share of low growth market,

-highly profitable, and are milked for finance to invest elsewhere in the business (fund other ventures)

Question 15

what are the dogs of the boston matrix

Answer 15

low share of low growth market,
-they are products that have little appeal or profit for the business. they are usually sold off through divestment to businesses which are happy with lower returns

Question 16

what are the 7Ps

Answer 16

product
price
place
promotion
people
process
physical evidence

Question 17

what is the extended marketing mix

Answer 17

People
Process
Physical evidence

Question 18

what is the importance of people in the extended marketing mix

Answer 18

• Staff is one of the few elements of a service customers see
• Public image
• Recruiting good trained staff is key
• Customer satisfaction as staff are experienced

Question 19

what is the importance of process in the extended marketing mix

Answer 19

• Effective procedures ensure good services
• customer complaints procedures
• little value in good service if the procedure isn’t delivered effectively
• Consistency of good procedures

Question 20

what is the importance of physical evidence in the extended marketing mix

Answer 20

• choosing a service can seem risky if it is chosen without reviews or experience
• physical evidence can be used to charge better prices
• physical evidence of where the service is coming from, internal and external environments