Theme 1.3 - Marketing Mix & Strategy

Question 1

What is the marketing mix

Answer 1

• 4Ps, helping implement successful marketing strategies

Question 2

What are the 4Ps

Answer 2

• Promotion
• Price
• Place
• Product
  All four components work together to satisfy the needs and wants of customers

Question 3

What is the product design mix

Answer 3

• Combination of aesthetics, function and cost which make up design

Question 4

What can the product design mix help with

Answer 4

• Help with ensuring the product is functional and attractive as well as cost-effective for the manufacturer

Question 5

What are 4 types of promotion

Answer 5

• Advertising
• Sponsorship
• Direct marketing e.g email
• Sales promotion e.g bogof

Question 6

What is viral marketing

Answer 6

• Online platforms, specific times, easily shared

Question 7

What is emotional branding

Answer 7

• Strong emotional relationship with customers

Question 8

What are the 6 types of pricing strategies

Answer 8

1) Penetration
2) Cost-plus (cost of production then add markup)
3) Competitive
4) Predatory (so low it forces competition out of market)
5) Psychological (customers beliefs, values accounted for)
6) Price skimming

Question 9

What are 4 factors to consider when choosing a pricing strategy

Answer 9

• Number of USPs
• Price elasticity of demand
• Levels of competition
• Stages of product life cycle

Question 10

What are the three types of distribution

Answer 10

• Four stage distribution (producer, wholesaler, retailer, consumer)
• Three stage distribution (producer, retailer, consumer)
• Two stage distribution (producer, consumer)

Question 11

What are the stages of the product life cycle

Answer 11

Development - introduction - growth - maturity - decline - (extension stategies)

Question 12

Three ways of developing customer loyalty

Answer 12

• Customer service
• Loyalty cards
• Saver schemes