The World of Marketing (continued)

Question 1

List the 4 P’s in the marketing mix

Answer 1

1. Product
2. Price
3. Promotion
4. Place

Question 2

Describe what occurs in the product stages of the marketing mix

Answer 2

Quality, packaging, design, brand, naming

Question 3

Describe what occurs in the price stages of the marketing mix

Answer 3

The cost of making or buying a product for resale
Other factors include:
1. The expenses related to marketing the product, competition and what the consumer is willing to pay
2. Retail price, discounts, payment plans, credit terms

Question 4

Describe what occurs in the place stages of the marketing mix

Answer 4

Involve making the product available to the customer
1. Marketers must determine how and where their target market shops
2. Companies must determine a channel of distribution or the path a product takes from the producer to the consumer
3. Retail stores, internet, television, infomercials

Question 5

Describe what occurs in the promotion stages of the marketing mix

Answer 5

Involve how the goods/services are communicated to the consumer
1. Posters, social media, ads, word of mouth

Question 6

Explain what a channel of distribution is

Answer 6

The network of businesses through which a good or service passes until it reaches the end consumer

Question 7

List the 4 types of promotion

Answer 7

1. Advertising
2. Sales promotion
3. Publicly
4. Personal selling