Marketing mix and strategy Flashcards
obj&strat, design, promo&brand, price strat, distribution (32 cards)
What are the four elements of the marketing mix?
Product, Price, Place, Promotion
True or False: The marketing mix is also known as the 4Ps.
True
Fill in the blank: The _____ element of the marketing mix refers to the goods or services offered by a business.
Product
What does the ‘Price’ element of the marketing mix involve?
The amount of money customers must pay to obtain the product.
Which element of the marketing mix focuses on how products are delivered to consumers?
Place
Define ‘Promotion’ in the context of the marketing mix.
Promotion refers to the activities that communicate the product’s features and benefits and persuade customers to purchase it.
What is the purpose of market segmentation?
To divide a market into distinct groups of buyers with different needs or behaviors.
True or False: Targeting is the process of selecting one or more segments to focus marketing efforts on.
True
What is a unique selling proposition (USP)?
A factor that differentiates a product from its competitors.
Which marketing strategy involves offering a product at the lowest price?
Cost leadership strategy
Fill in the blank: The _____ strategy focuses on creating a unique product to appeal to a specific market segment.
Differentiation
What is ‘place’ in the marketing mix concerned with?
Distribution channels and locations where the product is sold.
True or False: Product life cycle consists of four stages: introduction, growth, maturity, and decline.
True
In which stage of the product life cycle do sales typically peak?
Maturity stage
What is the primary goal of promotional strategies?
To increase awareness and sales of a product.
Name one common method of promotion.
Advertising
What does ‘market research’ involve?
The process of gathering, analyzing, and interpreting information about a market.
True or False: The marketing mix can be easily changed once a strategy is implemented.
False
What is the importance of pricing strategy?
It affects sales volume, profitability, and market positioning.
Fill in the blank: _____ pricing involves setting prices based on competitors’ strategies, costs, prices, and market offerings.
Competitive
What is a penetration pricing strategy?
Setting a low price to enter a competitive market and attract customers.
What does ‘distribution’ refer to in the marketing mix?
The process of making a product or service available for the consumer or business user.
True or False: Integrated marketing communication (IMC) is a strategy for coordinating all marketing messages.
True
What is a target market?
A specific group of consumers at which a company aims its products and services.
