Chapter 2 - Marketing Flashcards

1
Q

Purpose of marketing

A
  1. Identify and anticipate needs - market research
  2. Supply customer needs - product design and development.
  3. Efficiency - distribution
  4. Profitability - pricing decisions and promotions
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

The marketing mix

A

The 4 P’s - Product / Place / Promotion / Price

Additional -People / Process / Physical evidence

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Product issues

A

Product definition:
Total product / actual product / augmented product
Product positioning

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Pricing issues

A

Cost - price must be high enough to make profit
Customers - what are they willing to pay for the product
Competition - is the price competitive?
Corporate objectives - i.e. set low price to gain market

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Promotional issues

A

AIDA - awareness, interest, desire, action
Advertising (placing ads)
Sales promotion -e.g. buy one get one free
Personal selling - door-to-door
Public relations - sponsoring sports event

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Place issues

A

Selling direct

Selling indirect

How well did you know this?
1
Not at all
2
3
4
5
Perfectly