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Questions and Answers
What does the term 'Product' refer to in marketing?
What does the term 'Product' refer to in marketing?
Which pricing strategy involves launching a product at a high price and lowering it later?
Which pricing strategy involves launching a product at a high price and lowering it later?
Which marketing strategy involves the modification of an existing product?
Which marketing strategy involves the modification of an existing product?
What is the primary objective of using psychological pricing?
What is the primary objective of using psychological pricing?
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What marketing strategy targets finding new markets for existing products?
What marketing strategy targets finding new markets for existing products?
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What is a key feature of premium pricing?
What is a key feature of premium pricing?
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What is 'Place' primarily concerned with in the marketing mix?
What is 'Place' primarily concerned with in the marketing mix?
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Which demand-based pricing strategy initially charges a low price to build customer loyalty?
Which demand-based pricing strategy initially charges a low price to build customer loyalty?
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Which of the following is NOT a part of the product development strategies?
Which of the following is NOT a part of the product development strategies?
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What factor is least likely to influence a consumer's decision to switch supermarkets?
What factor is least likely to influence a consumer's decision to switch supermarkets?
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What is an example of Product Development?
What is an example of Product Development?
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In full-cost pricing, what elements are considered to set a product's price?
In full-cost pricing, what elements are considered to set a product's price?
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What role does e-commerce play in the marketing mix?
What role does e-commerce play in the marketing mix?
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Which of the following best describes Product Diversification?
Which of the following best describes Product Diversification?
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What does the promotion mix refer to?
What does the promotion mix refer to?
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What is typically the main purpose of market-neutral pricing?
What is typically the main purpose of market-neutral pricing?
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Study Notes
Chapter 3: Introduction to Marketing
- Marketing is about placing the right product in the right place, at the right time, and for the right price.
- Understanding every aspect of your business plan is crucial for successful marketing.
Lesson 4: Marketing Mix - Product
- Product refers to the functions and features of a good or service.
- Key questions include: What do customers want? What additional services should be offered with the product?
Product Strategy
- Product Strategy encompasses the core benefit, brand name, quality level, features, design, packaging, and warranty of a product.
- The Augmented product includes add-ons like delivery and credit, installation and after-sale service.
Four Development Strategies
- Product Improvement: Modifying an existing product to relaunch it (e.g., a new edition of a product.)
- Market Development: Expanding into new markets with existing products (e.g., franchising products to new locations.)
- Product Development: Introducing new products to established markets (e.g., a new SUV model by a car manufacturer.)
- Product Diversification: Creating new products for new markets (e.g., a company branching into a new business.)
Lesson 5: Marketing Mix - Place
- Place focuses on making products available in the right place, at the right time, and in the right quantities.
- E-commerce (online sales) is increasingly important.
- Channels of distribution define how products reach consumers (e.g., one-level, two-level, three-level, four-level).
Intensity Levels of Distribution
- Intensive: Mass market reach with convenience goods (e.g., Coca-Cola).
- Selective: Limited intermediaries, often for shopping and specialty goods (e.g., electronics).
- Exclusive: Products sold through single intermediaries (e.g., luxury car distributors).
Lesson 5: Marketing Mix - Price
- Defining price involves understanding its significance to both the seller (revenue and profit source) and the customer (cost of acquisition).
- Demand plays a crucial role in price determination.
- Different types of demand-based pricing strategies exist.
Importance of Price-Practice
- Consumer surveys revealed that lower price and wider product selection are top factors influencing supermarket choice.
Basic Strategies of Price
- Market Skimming Pricing: High initial prices to recoup investment, reducing later.
- Market Penetration Pricing: Low initial prices to gain market share.
- Neutral Pricing/Competitive Pricing: Matching competitor prices.
- Premium Pricing: High prices for high-end products with perceived value and minimal change.
- Full-cost Pricing: Calculating price based on costs and markup.
- Psychological Pricing: Setting prices ending in .99 to appear less expensive.
Lesson 5: Marketing Mix - Promotion
- Promotion involves various methods to increase demand for goods and services.
- Different promotional methods need to be analyzed and evaluated considering their suitability to a product.
What is Promotion?
- The Promotion Mix encompasses various tools used by businesses to create, maintain, and boost demand for their offerings.
What are the Aims of Promotion?
- Aims of Promotion are not specified, but various marketing objectives might be inherent.
Advertising
- Various platforms are used for advertising (TV, radio, newspapers, magazines, direct mail, outdoor ads, directories, the internet.)
The Elements of the Promotional Mix
- The Promotional Mix incorporates advertising, personal selling, internet marketing, publicity, and sales promotion.
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Description
Explore the foundational concepts of marketing, including the marketing mix and product strategy. This quiz assesses your understanding of how to deliver the right product to the right market effectively and the importance of product features and improvements.
