Business Flashcards
Marketing mix (25 cards)
What are the four elements of the marketing mix?
Product, Price, Place, Promotion
What does the ‘Product’ in the marketing mix refer to?
What the business is selling, including features, design, quality, and how it meets customer needs
What is the definition of ‘Price’ in the marketing mix?
The amount customers are charged, reflecting value while remaining competitive
What does ‘Place’ refer to in the marketing mix?
How and where the product is made available to the customer
What does ‘Promotion’ encompass in the marketing mix?
How the product is advertised and how the business communicates with its audience
What are the common channels of distribution?
Direct and indirect channels
What is a direct channel of distribution?
Manufacturer → Consumer
What is an indirect channel of distribution?
Manufacturer → Wholesaler → Retailer → Consumer
What are the advantages of direct channels?
Faster and more cost-effective
What role do wholesalers play in distribution?
Buy in bulk and resell to retailers, helping manufacturers with storage and distribution
What is the primary function of retailers?
Sell directly to end customers and provide customer service
What factors influence a business’s choice of distribution channel?
Customer preferences, product type, business resources, control
Fill in the blank: The _______ strategy aligns with how the customer prefers to shop.
distribution
What is a retailer?
A business that sells goods directly to consumers in small quantities
What is a wholesaler?
A business that buys in large quantities from producers and resells to retailers
What is the importance of promotion in marketing?
Raises awareness about products and persuades customers to buy
What are some common promotional tools?
- Discounts
- Advertising
- Social media
- Influencer marketing
- Events
What is market segmentation?
The process of dividing a broad market into smaller groups of consumers with similar needs, wants, or characteristics
How does market segmentation benefit businesses?
Allows targeting of customers more effectively and developing products and promotions that appeal to each segment
What is demographic segmentation?
Divides the market based on age, gender, income, education, etc.
What is geographic segmentation?
Groups people based on location, such as city, region, or country
What is psychographic segmentation?
Focuses on lifestyle, attitudes, and values
What is behavioral segmentation?
Based on how customers behave—buying patterns, brand loyalty, or usage
True or False: Psychographic segmentation is about the customer’s personality and values.
True
