Week 9 - Marketing Mix and Strategy Flashcards
What is advertising?
• Advertising is a paid form of promotion used by businesses to promote their business
What is marketing?
• Marketing means understanding and communicating with customers so they buy a product
What is the purpose of marketing?
• The purpose of marketing is to identify the needs and wants of the customers and then work towards meeting these
What is the marketing mix?
• The marketing mix is the factors that are used by a business to persuade customers to buy a product.
How does marketing mix differ when applied?
• When applied to products it is the 4Ps
• When applied to services it becomes the 7Ps
What is an exchange?
- There are buyers and sellers that make up a marketplace
• Buyers trade their income and sellers trade their products to create value
What is branding?
• 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
What is added value?
• 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
What are the 7ps in marketing mix?
- Product
2.Price
3.Place
4.Promotion
5.People
6.Process - Physical evidence
How can Market research help?
Market research can help a business identify a product or service that meets customers needs and wants
What is Brand equity?
Brand equity is the differential effect on knowing a brand product name on its marketing
What is advertising ?
Any paid form of non-personal presentation by a sponsor
What is sales promotion?
short-term incentives to encourage sales
What is personal selling?
Interpersonal part of promotion
What is public relations
Building good relationships
What is direct marketing
Marketing without intermediaries
How does sponsorship help?
• Businesses spend millions each year in sponsorships
• This helps them to increase their overall marketing reach and
engagement
What are marketing aims?
• Sales revenue
• Market share
• Customer reviews
• Brand extension
• Brand awareness
• Customer loyalty
• Social media engagement
• Social media reach
• Website visitors
• Customer relationship management
What are constraints of marketing?
- 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
