the marketing mix Flashcards
(20 cards)
What are the four key elements of the marketing mix?
The four key elements are Product, Price, Place, and Promotion, collectively known as the 4Ps.
What does an effective marketing mix enable a business to do?
An effective marketing mix enables a business to satisfy customer requirements, differentiate its offerings, maximise sales and profitability, and build a strong brand reputation.
What is a product in the context of the marketing mix?
A product is the item or service offered to meet customer needs.
What is the Design Mix?
The Design Mix is the balance of function, aesthetics, and cost to create a product that is functional, visually appealing, and affordable.
What are the stages of the Product Life Cycle?
The stages include Introduction, Growth, Maturity, and Decline.
What is differentiation in marketing?
Differentiation is creating unique product features to distinguish it from competitors, adding value and justifying pricing strategies.
What does price refer to in the marketing mix?
Price refers to the amount charged for a product or service.
What are some pricing strategies?
Pricing strategies include Cost-Plus Pricing, Competitive Pricing, Penetration Pricing, Skimming, and Promotional Pricing.
What is Cost-Plus Pricing?
Cost-Plus Pricing involves adding a markup to the cost of production.
What is Competitive Pricing?
Competitive Pricing is setting prices based on competitors’ pricing.
What is Penetration Pricing?
Penetration Pricing is introducing a product at a low price to gain market share.
What is Skimming in pricing strategy?
Skimming involves setting a high price initially and lowering it over time.
What is Promotional Pricing?
Promotional Pricing refers to temporary price reductions to boost sales.
What factors influence pricing strategies?
Factors include technology, competition, market segments, and product life cycle stage.
What does Place refer to in the marketing mix?
Place involves the distribution channels used to deliver the product to consumers.
What are the types of distribution channels?
Types include retailers, e-tailers, and wholesalers.
What factors affect distribution?
Factors include product type, target market, and cost and control.
What does Promotion encompass?
Promotion encompasses methods used to inform and persuade customers about products.
What are some promotional methods?
Promotional methods include advertising, sales promotions, public relations, direct marketing, sponsorship, and digital promotion.
How are the elements of the marketing mix interconnected?
A change in one area can impact others, such as introducing a premium product requiring a higher price and exclusive distribution.
