2.4 The marketing mix

    Cards (58)

    • The 'Product' element of the marketing mix refers to the goods or services offered by the business
    • Match the component of the marketing mix with its definition:
      Product ↔️ Goods or services offered by the business
      Price ↔️ Amount customers pay for the product
      Promotion ↔️ How the business communicates with customers
      Place ↔️ Where the product is available to customers
    • Penetration pricing involves setting high initial prices to maximize profit margins.
      False
    • Match the distribution strategy with its objective:
      Intensive Distribution ↔️ Make the product available in as many outlets as possible
      Selective Distribution ↔️ Use a limited number of outlets
      Exclusive Distribution ↔️ Use a single outlet in each area
    • Direct distribution involves selling directly to the end consumer through channels like company-owned stores or websites.

      True
    • Multi-channel distribution combines direct and indirect distribution strategies to provide flexibility and convenience.

      True
    • The amount customers pay for the product is referred to as its price
    • The product component of the marketing mix includes considerations like design, features, quality, branding, and packaging
    • Apple is known for its innovative product design and high-quality components in its iPhone line.

      True
    • The cost of production sets a minimum price
    • Premium pricing is used to signal quality and exclusivity
    • Distribution channels determine how accessible the product is to customers
    • What is the marketing mix often described as?
      The 4 Ps
    • What are the four main components of the marketing mix?
      Product, Price, Promotion, Place
    • The 'Product' element includes considerations such as design, quality, branding, and packaging
    • The 'Place' component of the marketing mix refers to how and where a business makes its products available to customers
    • Distribution channels refer to the pathways used to get the product to the customer
    • What does the 'P' stand for in the marketing mix that refers to the goods or services offered by the business?
      Product
    • The marketing mix consists of four main components known as the 4 Ps.

      True
    • Match the aspect of the product component with its description:
      Design ↔️ The aesthetics and functionality
      Features ↔️ Unique capabilities of the product
      Quality ↔️ Reliability and durability
      Branding ↔️ Name, logo, and image
    • What does the price component of the marketing mix refer to?
      The amount customers pay
    • What is penetration pricing designed to achieve?
      Gain market share
    • What does the place component of the marketing mix refer to?
      Product availability
    • What is direct distribution?
      Selling directly to consumers
    • What is multi-channel distribution designed to provide customers?
      Flexibility and convenience
    • Indirect distribution involves selling through intermediaries
    • The promotion component of the marketing mix focuses on communicating with and persuading customers
    • Public relations helps build brand image and credibility
    • Match the distribution strategy with its purpose:
      Direct distribution ↔️ Maintain control over customer experience
      Indirect distribution ↔️ Expand reach to a wider base
      Multi-channel distribution ↔️ Provide flexibility and convenience
    • What is the purpose of the marketing mix elements working together?
      Maximize customer value
    • What is the outcome when the marketing mix elements align effectively?
      Attract and retain customers
    • The 4 Ps are the key decisions a business must make to successfully market its products or services.
      True
    • Which component of the marketing mix involves determining how much customers pay for a product?
      Price
    • What are two key factors that influence a business's pricing decisions?
      Cost of production, demand
    • What is one key consideration for the 'Place' element of the marketing mix?
      Distribution channels
    • Indirect distribution involves selling through intermediaries like retailers, wholesalers, or distributors
    • The marketing mix is often described as the 4 Ps
    • Which component of the marketing mix focuses on how the business communicates with and persuades customers?
      Promotion
    • What does the product component of the marketing mix aim to satisfy?
      Customer needs and wants
    • The price component of the marketing mix is influenced by factors such as cost of production, demand, and competition
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