Lesson 5.5: 7P's of Marketing and Branding

Question 1

set of controllable and connected variables that a company gather to satisfy a customer better than its competitor

Answer 1

marketing mix

Question 2

the marketing mix is also known as

Answer 2

“Ps” in marketing

Question 3

the original 4Ps of marketing

Answer 3

product, place, price, promotion

Question 4

the 7Ps of marketing

Answer 4

product, place, price, promotion, people, packaging, positioning

Question 5

the marketing strategy typically starts with the

Answer 5

product

Question 6

refers to any goods or services that are produced to meet the consumers’ wants, tastes, and preferences

Answer 6

product

Question 7

goods can be categorized into

Answer 7

business goods and consumer goods

Question 8

the buyer of these kinds of goods may not have thorough knowledge of the goods he buys and uses

Answer 8

consumer goods

Question 9

services can be divided into

Answer 9

consumer and professional services

Question 10

represents the location where the buyer and seller exchange goods or services

Answer 10

place

Question 11

place is also known as

Answer 11

distribution channel

Question 12

place can include

Answer 12

physical/virtual stores

Question 13

channel 1 of the distribution channel

Answer 13

producer → wholesaler → retailer → consumer

Question 14

channel 2 of the distribution channel

Answer 14

producer → retailer → consumer

Question 15

channel 3 of the distribution channel

Answer 15

producer → consuemr

Question 16

they typically buy and store large quantities of several producers’ goods and then breaks into bulk deliveries to supply retailers with smaller quantities

Answer 16

wholesaler

Question 17

a company that buys products from a manufacturer or wholesaler and sells them to end users or customers

Answer 17

retailer

Question 18

an intermediary or middleman that customers use to get products from the manufacturers

Answer 18

retailer

Question 19

channel 3 of distribution channel is also known as

Answer 19

direct-marketing channel

since it has no intermediary levels

Question 20

a serious component of the marketing mix

Answer 20

price

Question 21

value of money in exchange for a product or service

Answer 21

price

Question 22

the amount of value that a customer gives up to enjoy the benefits of having or using a product or service

Answer 22

price

Question 23

examples of pricing strategy

Answer 23

penetration pricing

Question 24

it is when the price charged for products and services is set artificially low in order to gain market share

Answer 24

penetration marketing

Question 25

refers to the complete set of activities which communicate the product, brand, or service to the users.

Answer 25

promotion

Question 26

the idea is to attract people to buy your products over others

Answer 26

promotion

Question 27

examples of promotion

Answer 27

advertising, personal selling, sales promotion, direct marketing, social media

Question 28

your team, a staff that makes it happen for you, your audience, and your advertisers are the ___ in marketing

Answer 28

people

Question 29

the ultimate marketing strategy

Answer 29

people

Question 30

why are people the ultimate marketing strategy

Answer 30

they sell and push the product

Question 31

one of the most important elements of the marketing mix today

Answer 31

people

Question 32

therefore, the ___ are essential in the marketing mix in the current marketing scenario

Answer 32

right people

Question 33

a silent hero in the marketing world

Answer 33

packaging

Question 34

refers to the outside appearance of a product and how it is presented to the customers

Answer 34

packaging

Question 35

the best packaging should be

Answer 35

attractive enough and cost efficient for the customers

Question 36

packaging is

Answer 36

highly functional

Question 37

packaging is for

Answer 37

protection, containment, information, utility of use, promotion

Question 38

when a company presents a product or service in a way that is different from the competitors

Answer 38

positioning

Question 39

refers to the process used by marketers to create an image in the minds of the target market

Answer 39

positioning

Question 40

it allows a single product to attract different customers for not the same reasons

Answer 40

solid positioning