Entrepreneurship Marketing Mix & Branding Lesson 5 Quiz
18 Questions
4 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

The 4 P's of marketing include product, price, place, and personnel.

False

One of the aspects of the product in the 4P's of marketing is packaging.

True

A marketing strategy should communicate what the product will cost the customer.

False

To identify the 4 P's of Marketing, one must understand the concept of branding.

<p>True</p> Signup and view all the answers

Marketing strategies should appear only in places where the company's target audience will encounter them physically.

<p>False</p> Signup and view all the answers

One of the questions to ask regarding a product is how it addresses the company's needs.

<p>False</p> Signup and view all the answers

Distribution Channels in marketing refer to physical stores only, such as retail shops and warehouses.

<p>False</p> Signup and view all the answers

Knowing where your customers are located is not important in developing a marketing strategy.

<p>False</p> Signup and view all the answers

It is not necessary to consider where your competitors are selling their products when deciding on your own product placement.

<p>False</p> Signup and view all the answers

Promotion in marketing includes strategies like advertising, public relations, and personal selling.

<p>True</p> Signup and view all the answers

Brand positioning is not a key component of branding strategies.

<p>False</p> Signup and view all the answers

Determining whether your business is B2C or B2B does not impact where you should sell your product.

<p>False</p> Signup and view all the answers

Bundle pricing involves selling items separately to maximize sales and customer satisfaction.

<p>False</p> Signup and view all the answers

Dynamic pricing adjusts prices based on factors like demand, competition, and market conditions.

<p>True</p> Signup and view all the answers

Cost-plus pricing focuses on setting prices based on what customers are willing to pay.

<p>False</p> Signup and view all the answers

Freemium pricing involves selling products at a very high price point to target affluent customers.

<p>False</p> Signup and view all the answers

Premium pricing targets lower-income customers to widen the user base.

<p>False</p> Signup and view all the answers

Value-based pricing ensures that the price set is lower than the cost of production.

<p>False</p> Signup and view all the answers

Study Notes

Marketing Mix and Branding

  • The 4 Ps of Marketing are: Product, Price, Place, and Promotion
  • A marketing strategy should communicate what the product provides to customers, demonstrate value, appear in target audience locations, and use effective promotional strategies

Product

  • Product talks about: Quality, Design, Packaging, Brand
  • Questions to ask when developing a product:
    • What problem does your product solve?
    • Who is your target customer?
    • How does your product address your target customer's needs?
    • Discuss specific features of your product that address specific customer demands

Place

  • Place talks about: Retail Location, Distribution Channels & Methods (Offline and Online), Delivery
  • Questions to ask when deciding on a place:
    • Where is your customer located?
    • Are you business or consumer-focused (B2C or B2B)?
    • Where are your competitors selling their products or services?
  • Distribution Channels:
    • Physical store or Online Presence
    • Examples: Physical stores, Online marketplaces (Shopee, Lazada), Social Media Presence, Food Delivery apps (Foodpanda, Grab)

Promotion

  • Promotion talks about: Advertising, Public Relations, Personal Selling / Sales, Email & Social Media Presence
  • Advertising: creating awareness and building brand image
  • Examples: Branding, Email Marketing, Social Media Marketing

Price

  • Price talks about: Retail Price, Payment Plans, Payment Method/s, Discounts, Credit Terms
  • Pricing Strategies:
    • Value-based pricing: setting price higher than cost of production
    • Cost-plus pricing: setting price based on cost of production and ideal profit margin
    • Bundle pricing: selling items together at a discounted price
    • Psychological pricing: creating the illusion of a lower price
    • Freemium pricing: offering a free version to build brand awareness and create a user base
    • Dynamic pricing: adjusting price based on real-time demand, competition, and market conditions
    • Premium pricing: targeting affluent customers for higher profit margins

Studying That Suits You

Use AI to generate personalized quizzes and flashcards to suit your learning preferences.

Quiz Team

Description

Test your knowledge on the Marketing Mix and Branding concepts discussed in Lesson 5 of Entrepreneurship. Explore the 4 P's of Marketing and commonly used Brand Strategies. Understand the importance of product, price, place, and promotion in designing marketing campaigns.

More Like This

Air Asia Marketing Mix Quiz
8 questions
Marketing Mix and Branding Quiz
6 questions
Entrepreneurship SHS Module 5 Quiz
10 questions

Entrepreneurship SHS Module 5 Quiz

EvaluativeHeliotrope9710 avatar
EvaluativeHeliotrope9710
Use Quizgecko on...
Browser
Browser