the marketing mix: product

Question 1

what is the marketing mix

Answer 1

a term used to describe all the activities which go into marketing a product or service

Question 2

what is inside the marketing mix

Answer 2

products, price, place and promotion

Question 3

what are the 4 types of products

Answer 3

consumer goods, consumer service, producer goods, produce service

Question 4

what are consumer goods/services

Answer 4

goods/services bought by customers for own personal use

Question 5

what are producer goods/producer service

Answer 5

goods/services which are produced to help/for other business

Question 6

what makes a product successful

Answer 6

satisfy customer needs and wants
right quality
not difficult to make
good design that shows performance, reliability and quality
first business to produce new product/introduce new changes
something distinctive

Question 7

what is the process of product development

Answer 7

generate ideas - idea screening -business analysis -product development -test market -commercialisation

Question 8

what is USP

Answer 8

special feature of a products that differentiates from the products of competitors

Question 9

what are the benefits of selling new products

Answer 9

diversifications, broader ranger of products to sell

allow business to expand into new market

Question 10

what are the cost which business needs to take into consideration

Answer 10

cost of carrying out market research and analysing the findings
cost of producing trials products includes wasted materials
lack of sales if target market is wrong
loss of company image is new products fails to meet customers needs

Question 11

what is the meaning of brand name

Answer 11

unique name of a product that distinguishes it from other brands

Question 12

what is the use of having a brand name

Answer 12

make customer aware of quality

convey products features and uniqueness

Question 13

brand loyalty meaning

Answer 13

when consumers keep buying the same brand again and again instead of choosing a competitors brands

Question 14

what is the meaning of brand image

Answer 14

an image or identity given to products which gives it a personality of its own and distinguishes it from competitors brand

Question 15

what is packaging

Answer 15

it is the physical container or wrapping of a product. It is also used for promotion and selling appeal

Question 16

what is the use of packaging

Answer 16

protect and selling appeal 
protect from damage 
convent 
promotion 
contains information

Question 17

what is the definition of product life cycle

Answer 17

describes that stages a product will pass through, from its introduction through its growing until it is mature and then finally its decline

Question 18

describe the steps in the products life cycle

Answer 18

developed: prototype is tests
introduction: sales grow slowly as ppl dk abt it
growth: advertising changed to competitive
maturity sales increase slowly , competition becomes intense and pricing is competitive or promotional
saturation: stabilizes art highest point
decline: new produce come, or products lost its appeal

Question 19

how does pricing affect product life cycle

Answer 19

price is high at beginning as if its low it gives low quality
prices are a little higher in growth
in saturation or maturity, price is reduced to keep sales from falling
discounts offered in decline if dw to extend its life

Question 20

how does promotion affect product life cycle

Answer 20

high at intro as they hv to inform
brand identity must be made
reduced in later stage bc product is alrdy known or bc want to use budget on another product
might be increased if they want to use extension strategy

Question 21

what is the meaning of extension strategy

Answer 21

a way of keeping the product at the maturity stage of life cycle and extending the cycle

Question 22

what are the 6 extension strategy

Answer 22

introduce new variation of original product
sell into new market -export to another country
make small changes to products design like colour or packaging
sell through additional, different retail outlets
introduce new improved version of old product
use new advertising campaign