Week 9 - Marketing Mix and Strategy

Question 1

What is advertising?

Answer 1

• Advertising is a paid form of promotion used by businesses to promote their business

Question 2

What is marketing?

Answer 2

• Marketing means understanding and communicating with customers so they buy a product

Question 3

What is the purpose of marketing?

Answer 3

• The purpose of marketing is to identify the needs and wants of the customers and then work towards meeting these

Question 4

What is the marketing mix?

Answer 4

• The marketing mix is the factors that are used by a business to persuade customers to buy a product.

Question 5

How does marketing mix differ when applied?

Answer 5

• When applied to products it is the 4Ps
• When applied to services it becomes the 7Ps

Question 6

What is an exchange?

Answer 6

• There are buyers and sellers that make up a marketplace
  • Buyers trade their income and sellers trade their products to create value

Question 7

What is branding?

Answer 7

• The process of creating a distinctive and special meaning for a product
• By having a powerful brand, you can influence customers and their overall decision making

Question 8

What is added value?

Answer 8

• A marketing or advertising activity that makes a product more
valuable, useful, or appealing
• Added value is important in differentiating a businesses from its competitors

Question 9

What are the 7ps in marketing mix?

Answer 9

1. Product
   2.Price
   3.Place
   4.Promotion
   5.People
   6.Process
2. Physical evidence

Question 10

How can Market research help?

Answer 10

Market research can help a business identify a product or service that meets customers needs and wants

Question 11

What is Brand equity?

Answer 11

Brand equity is the differential effect on knowing a brand product name on its marketing

Question 12

What is advertising ?

Answer 12

Any paid form of non-personal presentation by a sponsor

Question 13

What is sales promotion?

Answer 13

short-term incentives to encourage sales

Question 14

What is personal selling?

Answer 14

Interpersonal part of promotion

Question 15

What is public relations

Answer 15

Building good relationships

Question 16

What is direct marketing

Answer 16

Marketing without intermediaries

Question 17

How does sponsorship help?

Answer 17

• Businesses spend millions each year in sponsorships
• This helps them to increase their overall marketing reach and
engagement

Question 18

What are marketing aims?

Answer 18

• Sales revenue
• Market share
• Customer reviews
• Brand extension
• Brand awareness
• Customer loyalty
• Social media engagement
• Social media reach
• Website visitors
• Customer relationship management

Question 19

What are constraints of marketing?

Answer 19

• Consumer laws protect customers from misleading practices
  • Consumer laws try and stop businesses making false statements about their products
  • Consumer laws try and prevent the selling of dangerous products