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The Marketing Mix. Place this information on your notebook – Please title it “The Marketing Mix”. The Marketing Mix. 1. What is meant by pricing? Full sentences. 3. What is meant by promotion in marketing? Full sentences. 2. What is meant by process in marketing. Full sentences.
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The Marketing Mix Place this information on your notebook – Please title it “The Marketing Mix”
The Marketing Mix 1. What is meant by pricing?Full sentences 3. What is meant by promotion in marketing?Full sentences 2. What is meant by process in marketing. Full sentences 4. What is meant by “place” in marketing?Full sentences
The Marketing Mix • The tools available to a business to gain the reaction it is seeking from its target market in relation to its marketing objectives • 7Ps – Price, Product, Promotion, Place, People, Process, Physical Environment • Traditional 4Ps extended to encompass growth of service industry 5. What is a target market? Full sentences please.
Price 6. What is meant by “psychological” under pricing? Full sentences 7. What is meant by “skimming” as it relates to pricing in marketing?Full sentences
Price • Pricing Strategy • Importance of: • knowing the market • elasticity • keeping an eye on rivals 8. Why is it important to know your market? Full sentences. 9. Why would it be important to understand what your rivals are doing? Full sentences.
Product 10. If you had a product why would it be important to explain the convenience of the product? Explain in full sentences. 12. Why is packaging very important to the marketing of a product? Full sentence. 13. Why would accessories by important to the marketing of a product? Full sentences.
Product • Methods used to improve/differentiate the product and increase sales or target sales more effectively to gain a competitive advantage e.g. • Extension strategies • Specialised versions • New editions • Improvements – real or otherwise! • Changed packaging • Technology, etc. 15. Why would you change the packaging of a product as you are marketing a product? Full sentences. 14. Why would you want to improve your product when marketing a product? Example would be “ New and Improved”. Explain in full sentences. .
Promotion 16. What is an endorsement? Full sentences. 17. How does a special offer help your product to be promoted?Full sentences 18. What is direct mailing? How would this help your promotion of your product? Full sentences.
Promotion • Strategies to make the consumer aware of the existence of a product or service • NOT just advertising 19. In the last few weeks you have worked on various aspects of marketing why do you need to develop a strategy for marketing a product? Explain in full sentences.
Place 20. In a super market you want your product in a good location but how do you market your product with direct sales? Full sentences. 21. Why is it important to advertise on the internet? Explain in full sentences.
Place • The means by which products and services get from producer to consumer and where they can be accessed by the consumer 22. The more places to buy the product and the easier it is made to buy it, the better for the business (and the consumer?)Why is this true or false. Explain in full sentences.
People 22. Why is it important to understand the culture of the clients you are selling a product to? Full sentences. 23. Why is customer service important to the marketing of a product? Explain in full sentences.
People • People represent the business • The image they present can be important • First contact often human – what is the lasting image they provide to the customer? • Extent of training and knowledge of the product/service concerned • Mission statement – how relevant? • Do staff represent the desired culture of the business? 25. Why is it important that your staff understands the product and its quality for individual clients? Full sentences. 24.How relevant is the mission statement of a company and it’s products? Full sentences.
Process 26. What is a service industry? Full sentences. Give an example? 27. How are services consumed? What does that mean> Explain in full sentences.
Process 28. How do people consume services? Full sentences. 29. What processes do they have to go through to acquire the services? Full sentences • Where do they find the availability of the service? • Contact • Reminders • Registration • Subscription • Form filling • Degree of technology
Physical Environment 30. What is meet by physical environment? Explain in full sentences. 31. What is meant by interface when it deals with physical environment in marketing? Full sentences.
Physical Environment • The ambience, mood or physical presentation of the environment • Smart/shabby? • Trendy/retro/modern/old fashioned? • Light/dark/bright/subdued? • Romantic/chic/loud? • Clean/dirty/unkempt/neat? • Music? • Smell? 32. Would you go into a store if it looked ? Full sentences. 33. Why would you play music in your physical environment for marketing purposes. Explain in full sentences.
The Marketing Mix • Blend of the mix depends upon: • Marketing objectives • Type of product • Target market • Market structure • Rivals’ behavior • Global issues – culture/religion, etc. • Marketing position • Product portfolio • Product lifecycle • Boston Matrix 34. What is meant by market structure as it relates to marketing. Full sentences. 35. What is meant by rivals behavior as it pertains to marketing> Full sentences. 36. What is meant by “product lifecycle” as it pertains to marketing? Full sentences.
