Knowledge Check Flashcards
Why use the marketing mix?
Helps understand what your product or service can offer to customers.
Benefits of using the marketing mix
Gain a competitive advantage, develop its strengths and limit weaknesses, helps understand audience, helps brand your business
Drawbacks of using the marketing mix
Costs of marketing, time consuming
Influences on the marketing mix
Internal-> Product, price, place, promotion
External-> demographic, political, economic, technological, environmental, competition
Define product
Anything that is capable of satisfying customer needs
Influences on marketing objectives
Ambition, existing position, finance
Consumer good
Goods bought for consumption by the general public
Industrial good
Goods bought for use in business processes
Convenience goods
Widely available mass market standard products which are purchased regularly, often cheap and habitually bought. They may be impulse purchases as they are affordable and customers know about them
Shopping goods
Products where customers compare features and price between different options
Specialty products
Products that customers are willing to travel far to get e.g. Rolex
Product consists of?
The core benefit, the tangible product, the augmented product
The core benefit
Refers to the benefit it provides
The tangible product
Refers to the features , it’s reliability and design
The augmented product
Refers to the ‘extras’ such as the brand name, the delivery, the guarantee and after sales service
