Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

GRADE 12 ME > Entrep marketing Mix > Flashcards

Entrep marketing Mix Flashcards

1
Q

It is the foundation model for businesses centered around product price place and promotion. These are set of marketing tools that the firm uses to pursue its marketing objectives in the target market.

A

Marketing Mix

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Why is marketing mix important?

A

It provides a road map for your business objectives

It keeps you on track while keeping your target market in the forefront of your mind

It will help make sure the business is marketing the right product to the right people at the right price and time

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

7 p’s of marketing mix

A
  1. Product
  2. Place
  3. Price
  4. Promotion
  5. Physical evidence
  6. People
  7. Process
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

This is what a seller must sell and what a buyer must buy dissatisfy the needs of customers

A

Product

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Goods versus services

A

Goods are something you can see and touch which makes them tangible

Services are those provided for you and you cannot necessarily see or touch which makes them intangible

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

According to cravens hills and woodruff _______ is anything that is potentially valued by a target market for the benefits or satisfactions it provides including objects services organizations places people and ideas

A

Product

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Product has the _____ which drive a customer to purchase the product. It is something more than a physical product. This is because a product encompasses several social and psychological attributes in other intangible factors which provide satisfaction to the consumer.

A

want satisfying attributes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

It is the amount of time a product goes from being introduced into the market until it’s taken off the shelves there are four stages

A

Product life cycle
- Introduction
- Growth
- Maturity
- Decline

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

In this stage the product is being released into the market marketing and promotion are at high in the company often invest the most in promoting the product and getting it into the hands of consumers cost or generally very high and there is typically little competition the principal goals of this stage are to build demand for the product and get it into the hands of consumers aiming to attain growing popularity.

A

Introduction stage

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

In this stage consumers are already taking to the product and increasingly buying it. The product concept is proven and is becoming more popular and sales are increasing. As a result of the product growing the market itself tends to expand

A

Growth

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

When a product reaches maturity it sales tend to slow or even stop signaling a largely saturated market this point sales can even start to drop pricing at this stage content to get competitive signaling margin shrinking as prices begin falling due to the weight of outside pressures like competition or lower demand marketing at this point is targeted at fending of competition and companies will often develop new or altered products to reach different market segments in this stage saturation is reached sales volume is very successful.

A

Maturity stage

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

In this stage product sales drop significantly and consumer behavior changes as there is less demand for the product the companies product loses more and more market share and competition tends to cause sales to deteriorate

A

Decline stage

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Why is product the most important in the 7 p’s of marketing?

A

Product is regarded as an asset of an organization and referred to as the backbone of marketing mix hence utmost care should be taken to handle product decisions a bad product not only generates bad name for the firm but also negatively affects the price set for the product discourages the channel members and reduces the believability of the promotional measures

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

It refers to the value that is put for a product it depends on cost of production segment targeted ability of the market to pay supply and demand

A

Price

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Why is pricing an important element of marketing mix

A

While product place and promotion affects cost price is the only element that affects revenues and thus a business profits.
price can lead to a firm survival or demise

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

It is a model or method used to establish the best price for a product or service it helps the company choose prices to maximize profits while considering consumer and market demand

A

Pricing strategy

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

What are the three types of pricing strategy

A
  1. Demand-based pricing
  2. Cost-plus pricing
  3. Competitive pricing
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Also known as customer based pricing is any pricing method that uses consumer demand-based on perceived value-as the central element

A

Demand-based pricing

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

6 Types of Deman-based Pricing

A
  1. Price skimming
  2. Price discrimination
  3. Psychological pricing
  4. Bundle pricing
  5. penetration pricing
  6. Value-based pricing
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Uprising strategy in which the producers sets a high introductory price to attract buyers with a strong desire for the product in the resources to buy it and then gradually reduces the price to attract the next and subsequent layers of the market it involves setting a high price before other competitors come into the market often used for new

A

Price skimming

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

The practice of charging a different price for the same good or service. 3 types

A

Price discrimination

a. First degree - perfect price discrimination; flexible depending on current market demands

b. Second degree - charging diff price for diff quantities

c. Third degree - charging diff price to diff consumer grps

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

practice of setting prices slightly lower than a whole number this practice is based on the belief that customers do not round up these prices and so will treat them as lower prices than they really are

A

Psychological pricing

23
Q

a strategy where businesses combined multiple different products or services into one package at a single price these complementary products are typically sold at the lower price than if they were purchased individually

A

Price bundling

24
Q

A marketing strategy used by businesses to attract customers to a new product or service by offering a lower price during its initial offering the lower price helps a new product or service penetrate the market and attract customers away from competitors

A

Penetration pricing

25
Q

Reprising strategy in which the selling price is determined by adding a specific markup to a product unit cost

A

Cost plus pricing

26
Q

A method of pricing that calls for price setting based on prices charged by competitors there are three choices

A price the product lower
B price the product higher
C same price set by the competitor

A

Competitive pricing strategy

27
Q

Physical distribution or the process of moving products from the producer to the intended user and other words it is how your product is bought and where it is both this movement could be three combination of intermediaries just distributors wholesalers and retailers

A

Place

28
Q

Can be defined as the activities and processes required to move a product from the producer to the consumer

A

Distribution channel

29
Q

Included in the channel are third party companies that act as wholesalers transporters retailers and provide warehouse facilities

A

Intermediaries

30
Q

Types of distribution channels

A
  1. Direct (Producer to consumer; direct control)
  2. Indirect (Producer - agent - wholesaler - retailer - consumer)
  3. Dual distribution (combination)
31
Q

Four types of intermediaries

A
  1. Agents
  2. Wholesalers
  3. Distributers
  4. Retailers
32
Q

An independent entity who acts as an extension of the producer by representing them to the user. Never actually gains ownership of the product and usually make money from commissions and fees paid for their services

A

Agents

33
Q

Also called independent entities but they actually purchase goods from a producer in bulk and store them in warehouses these goods are the result in smaller amounts at a profit their customers are usually another intermediaries such as a retailer

A

Wholesalers

34
Q

Only carry products from a single brand or company; may have a close relationship with a producer

A

Distributors

35
Q

Wholesalers and distributors will sell the products that they have acquired to the blank at a profit. blank will then stock the goods and sell them to the ultimate and user at a profit.

A

Retailers

36
Q

How important is place in marketing mix

A

It ensures that the product is in the right place at the right time

37
Q

In marketing it refers to any type of marketing communication used to inform or persuade target audiences of the relative merits of a product service brand or issue it is the way the business makes its products known to the customers both current and potential

A

Promotion

38
Q

Five types of promotion

A
  1. Advertising
  2. Direct Marketing
  3. Sales Promotion
  4. Personal Selling
  5. Public relations
39
Q

Means to advertise a product service or a company with the help of television radio or social media it helps in spreading awareness about the company product or service it is communicated through various mass media

A

Advertising

40
Q

A marketing strategy where the product is promoted using short term retractive initiatives to stimulate its demand and increase its sales this strategy is usually brought to use in the following cases just to introduce new products sell out existing inventories attract more customers and to lift sales temporarily

A

Sales promotion

41
Q

Method where companies send their agents to the consumer to sell the products personally it is where businesses use people to sell the product after meeting face to face with the customer

A

Personal selling

42
Q

The process of maintaining a favorable image and building beneficial relationships within between an organization and the public communities groups and people it serves

A

Public relations

43
Q

Why is promotion important in marketing mix

A

Promotion is the voice of your company which send out your brand’s message loud and clear to the audience

44
Q

Promoting your brand will help you in many different ways (4)

A
  1. Increases brand awareness
  2. Provide appropriate information
  3. Increase customer traffic
  4. Build sales and profits
45
Q

The building blocks of a marketing mix strategy

A

People

46
Q

Refers to those who are employed by the company to design develop and manufacture the products do market research to establish demand and determine customer needs manage the supply chain to ensure timely delivery provide support services and serve as touch points for customer interaction among others

A

People

47
Q

Why are people called the building blocks of marketing mix strategy

A
  1. People are the ones who make the products
  2. People are the ones who bring the products to the customers
  3. People are the ones who talk to the customers
48
Q

Refers to the procedures mechanisms and flow of activities by which service is delivered or take place when there is an interaction between the customers and the businesses

A

Process

49
Q

Process can help build a

A

Positive customer experience

50
Q

T or F. An ideal process should be the quickest among all the alternatives or available options at least cost for the business and produce the most effective results or outputs in the shortest length of time

A

T

51
Q

Refers to the physical environment experienced by the customer

A

Physical evidence

52
Q

This includes the physical design and layout of the premises and the layout of the company website

A

Physical evidence

53
Q

Entails more than just a receipt for a purchase it includes the companies brands overall existence the website branding social media the logo on the building the furnishings in the store the product packaging and the email send to customers after they make a purchase all of these components give the customer the tangible proof they require to be assured that the company is real reputable and viable

A

Physical evidence

GRADE 12 ME (21 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions