The Traditional and Expanded Marketing Mix

Question 1

What is the ‘Experience’ Economy?

Answer 1

The line between goods and services has been blurred to the extent that ‘quality’ is now gauged by the overall ‘experience of buying and consuming.

Question 2

What is the Expanded Marketing Mix?

Answer 2

People
Physical Evidence
Processes
Partnership

Question 3

Expanded Marketing Mix:

People…

Answer 3

Actors involved when a product, service or experience takes place, e.g. Staff appearance and interaction

Question 4

Expanded Marketing Mix:

Processes…

Answer 4

The flow and progress of customers when they engage with a product or company. e.g payment systems, degree of orientation and customer queue times.

Question 5

Expanded Marketing Mix:

Partnerships…

Answer 5

Alliances between independent organisations that have complimentary skills or assets. E.g. Flybuys

Question 6

The first step in the target-market selection process is:

Answer 6

Identifying an appropriate targeting strategy

Question 7

When the needs of individual customers in a target market for a specific product are similar and the organisation can satisfy most customers with a single marketing mix, the best approach to use may be the …… strategy

Answer 7

Undifferentiated