Marketing and Branding: Pricing Strategies (Gr12)

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What is the primary aim of marketing?

To conduct market research

To assess financial performance

To develop advertising campaigns

To satisfy customer needs and wants profitably (correct)

What is a crucial aspect of the product element in the 7P's of marketing?

Creating a product that adds value to the consumer (correct)

Determining the price of the product

Selecting distribution channels

Conducting market research

What is a key responsibility of marketing in terms of assessing market forces?

Assessing all market forces that could impact the business position (correct)

Developing advertising campaigns

Determining the price of products

Conducting financial analysis

What is a key aspect of brand positioning?

Having the right product or service at the right time, place and at the right price Signup and view all the answers

What is a key element of the promotional mix?

Advertising campaigns Signup and view all the answers

What is a key consideration in market segmentation?

Identifying consumer wants, needs and desires Signup and view all the answers

What is a key aspect of pricing strategies?

Determining the price of products to satisfy customer needs Signup and view all the answers

What is a key consideration in selecting distribution channels?

Ensuring the right product or service at the right time and place Signup and view all the answers

What is the primary focus of promotion in marketing?

Gaining the correct level of attention from consumers Signup and view all the answers

Why is it essential to ensure employees have the correct attitude in a business?

Because employees are the face of the business Signup and view all the answers

What is an example of adding value to a product or service?

Providing after-sales services and advice Signup and view all the answers

Why is it crucial to have the correct systems in place in a business?

Because customers expect it Signup and view all the answers

What can businesses like Clicks and Edgars offer to their customers when partnering with Sasol and Engen?

Cash back on fuel spend Signup and view all the answers

What is the primary role of people in a business?

To be the face of the business Signup and view all the answers

Why is evaluation important in a business?

To identify performance gaps Signup and view all the answers

What can affect customer satisfaction in a business?

Waiting times and staff helpfulness Signup and view all the answers

What is an example of price discrimination?

Offering a discount to larger customers Signup and view all the answers

What is the main goal of distribution channels?

To make the product available at the right place, time and quality Signup and view all the answers

What is an example of intensive distribution?

Selling products through many retailers, such as corner shops and garage shops Signup and view all the answers

What is the purpose of branding?

To create a sense of quality and reassurance in the customer Signup and view all the answers

What is an example of a promotional mix element?

Public relations Signup and view all the answers

What is the main purpose of franchising?

To create a sense of quality and reassurance in the customer Signup and view all the answers

What is the main goal of the 'place' element in the marketing mix?

To make the product available at the right place, time and quality Signup and view all the answers

What is an example of selective distribution?

Selling products through a few selected retailers Signup and view all the answers

Study Notes

Marketing and Branding

Definition of Marketing: promoting and selling products or services, including market research and advertising.
Role of Marketing:
- Assessing market forces and developments that impact business position.
- Identifying and satisfying customer requirements profitably.

The 7P's of Marketing

Product:
- Ensuring the correct product is delivered to meet consumer needs and wants.
- Consistently evaluating consumer thoughts and behavior.
Price:
- Discounting strategies (e.g., R100 now R50).
- Price discrimination based on customer, time, or area.
Place:
- Ensuring product availability at the right place, time, and quality.
- Considering distribution strategies (intensive, selective, exclusive).
- Displaying products in stores and online.
Promotion:
- Communicating business offerings to consumers.
- Activities include branding, advertising, public relations, and sales management.
People:
- Ensuring employees have the correct attitude and training.
- Evaluating employee performance to prevent performance gaps.
- Employees are the face of the business.
Process:
- Ensuring customer satisfaction through service delivery.
- Considering factors such as waiting times, information, and staff helpfulness.
Physical Evidence:
- Not mentioned in the text, but implies the tangible aspects of a service.

Additional Marketing Concepts

Marketing planning:
- Formulating a marketing strategy.
Interdependence of marketing with management functions:
- Not explained in the text.
The Consumer Protection Act (CPA):
- Not explained in the text.
Branding:
- Not explained in the text.
Franchise Marketing:
- A popular means of distribution, providing a sense of quality and reassurance.
Ethical vs. Unethical marketing:
- Not explained in the text.
Advertising Standards Authority (South Africa):
- Not explained in the text.
Social Media and its influence on Marketing:
- Not explained in the text.

Studying That Suits You

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

Description

Learn about pricing strategies, including price discrimination, in the context of marketing and branding. This quiz covers the different ways businesses price their products to encourage customers to buy.