5.3 The marketing mix

Cards (42)

  • Match the 4 Ps with their definitions:
    Product ↔️ The goods or services offered by the business
    Price ↔️ The amount customers pay for the product
    Promotion ↔️ How the business communicates with customers
    Place ↔️ How and where the product is made available
  • What are the four components of the marketing mix commonly referred to as?
    The 4 Ps
  • The 4 Ps are essential decisions a business must make when marketing its products or services.
    True
  • The Product component refers to the goods or services offered by the business
  • What is the basis for value-based pricing?
    Perceived customer value
  • The Product component refers to the goods or services offered by the business
  • What is the marketing mix often referred to as?
    The 4 Ps
  • What does the "Place" component of the marketing mix refer to?
    Product availability
  • The design, functionality, or quality of a product is considered a feature
  • Cost-plus pricing involves adding a markup to the product's cost of production.

    True
  • What is the marketing mix often described as?
    The 4 Ps
  • The Product component refers to the goods or services offered by the business
  • The features of a product are characteristics that make it unique.

    True
  • Businesses use various pricing strategies to set the price of their products.
  • Cost-plus pricing involves adding a markup to the product's cost of production.

    True
  • What does the Promotion component of the marketing mix involve?
    Customer communication
  • The "Product" in the marketing mix refers to the goods or services offered by the business
  • The "Promotion" in the marketing mix focuses on communicating with and persuading customers
  • What is a benefit of using a product?
    Improved convenience
  • What is the goal of penetration pricing?
    Gain market share
  • What is an advantage of direct distribution for a business?
    More control
  • Common promotional methods in order of cost
    1️⃣ Sales promotion
    2️⃣ Public relations
    3️⃣ Personal selling
    4️⃣ Advertising
  • Direct distribution involves selling through intermediaries like wholesalers or retailers.
    False
  • Match the distribution strategy with its example:
    Direct distribution ↔️ Luxury brand selling through own store
    Indirect distribution ↔️ Mass-market product sold in retail stores
  • Personal selling involves face-to-face interaction between sales staff and customers.

    True
  • Balancing the 4 Ps is essential for delivering value to customers.
    True
  • The marketing mix is often described as the 4 Ps
  • The 4 Ps represent the key decisions a business must make when marketing its products or services.

    True
  • Match the 4 Ps with their definitions:
    Product ↔️ The goods or services offered by the business
    Price ↔️ The amount customers pay for the product
    Promotion ↔️ How the business communicates with customers
    Place ↔️ How and where the product is made available
  • What is the primary focus of the Product component in the marketing mix?
    Goods or services
  • What is the purpose of ensuring the product aligns with target market expectations?
    Competitive positioning
  • Match the pricing strategy with its description:
    Cost-plus pricing ↔️ Adding a markup to production cost
    Penetration pricing ↔️ Low initial price to gain market share
    Skimming pricing ↔️ High initial price for premium customers
    Competition-based pricing ↔️ Price based on competitor prices
  • Which of the 4 Ps focuses on how the product reaches customers?
    Place
  • The marketing mix is a combination of marketing tools businesses use to achieve their objectives.

    True
  • The "Price" in the marketing mix refers to the amount customers pay for the product.
    True
  • What are key elements of the "Product" component in the marketing mix?
    Features, benefits, brand image, packaging
  • Common pricing strategies in order of complexity
    1️⃣ Cost-plus pricing
    2️⃣ Penetration pricing
    3️⃣ Skimming pricing
    4️⃣ Competition-based pricing
    5️⃣ Value-based pricing
  • Skimming pricing involves setting a high initial price to target premium customers.
  • Indirect distribution involves selling through intermediaries
  • What is the purpose of sales promotion in marketing?
    Encourage immediate purchase