Podcast
Questions and Answers
The marketing mix is also known as the four ______ of marketing
The marketing mix is also known as the four ______ of marketing
Ps
Product – what is the ______
Product – what is the ______
product
A successful product meets the following ______: Provides Value: Solves the consumer’s problem in some way or offers some type of value to your target market.
A successful product meets the following ______: Provides Value: Solves the consumer’s problem in some way or offers some type of value to your target market.
conditions
PPC ads lead to your website's ______
PPC ads lead to your website's ______
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Word-of-mouth marketing occurs ______
Word-of-mouth marketing occurs ______
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Email marketing enhances the customer experience by offering handy ______
Email marketing enhances the customer experience by offering handy ______
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Direct mail is a marketing strategy where information is sent to customers through the ______
Direct mail is a marketing strategy where information is sent to customers through the ______
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Checking how much your ______ charge gives you a good sense of how much potential customers are willing to pay for similar products.
Checking how much your ______ charge gives you a good sense of how much potential customers are willing to pay for similar products.
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Combine that with the perceived value of your ______—in other words, what you want your price to imply about your ______. Are you a luxury, standard, or budget option.
Combine that with the perceived value of your ______—in other words, what you want your price to imply about your ______. Are you a luxury, standard, or budget option.
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What do ______ products cost.
What do ______ products cost.
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Your product should be available where potential customers live, shop, work or with an easy online ______.
Your product should be available where potential customers live, shop, work or with an easy online ______.
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Study Notes
Digital Marketing Strategies
- Pay-per-click (PPC) digital ads involve purchasing ads from Google or Meta Platforms, which contain a small amount of text and sometimes a visual, leading to a website's landing page or an e-commerce platform.
- Social media marketing involves having a presence on social media platforms, posting regularly to inform potential customers, promoting sales, and soliciting testimonials from social media influencers.
- Search engine optimization (SEO) drives organic traffic to a website by ensuring it appears on search engine results pages (SERPs) through keyword research, substantive website content, and backlinks on other websites.
- Word-of-mouth marketing involves testimonials from existing customers, both online (via customer reviews) and offline (through friends and recommendations).
Marketing Channels
- Email marketing involves sending periodic email blasts to existing customers and potential customers, showcasing new products, announcing special sales, and enhancing the customer experience with helpful content.
- Direct mail involves sending information to customers through physical mail, rather than online channels.
- Television and radio ads are traditional marketing channels that still reach a large audience and can leave a lasting impression.
Distribution Channels
- The three main distribution channels are: direct to consumer, retailer, and wholesaler.
- Direct to consumer involves selling products directly to customers through stores, websites, or merchant marketplaces.
- Retailers sell products to customers through physical stores, online stores, or both.
- Wholesalers buy and sell goods in bulk, selling to retail stores or directly to the public.
Marketing Mix (4 Ps)
- The marketing mix consists of four key elements: product, price, place, and promotion.
- The 4 Ps help marketers consider every aspect of a product or service when deciding how to market it.
Creating the Marketing Mix
- To develop a marketing mix, marketers must think about how to uniquely position their brand among the competition.
- The four Ps are meant to help marketers consider everything about a product or service when deciding how to market it.
Product Considerations
- A strong marketing campaign starts with a clear understanding of the product and how it appeals to the target customer.
- A successful product provides value, has a clear target market, a clear competitive advantage, and consumers have a way to pay for it.
Price Considerations
- Pricing strategy involves deciding how much to charge for a product to make a profit.
- Considerations include competitor prices, customer willingness to pay, and the cost of creating the product.
Place Considerations
- Place pertains to the distribution of a product, making it available where potential customers live, shop, work, or search online.
- Considerations include where target customers purchase similar products, their location, and how to make the product easily accessible.
Promotion Considerations
- Promotions involve how to let people know about a product.
- Considerations include the target audience, brand personality, distribution channels, competitor promotions, and seasonality.
Pricing Strategies
- Common pricing strategies include premium pricing, bundle pricing, freemium, and subscriptions.
- Premium pricing involves charging more than competitors, trading on a brand that's all about quality and prestige.
- Bundle pricing involves grouping several items together under a single price tag.
- Freemium involves offering a basic product or service for free, with premium features or an ad-free experience available for a fee.
- Subscriptions involve users paying a set cost on a regular basis for access to a product or service.
Promotional Channels
- There are many different channels available to promote products and services, including social media, email marketing, direct mail, television, and radio.
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Description
Test your knowledge of the marketing mix with this quiz! Explore the four key elements - product, price, place, and promotion - and learn how to develop an effective marketing strategy. Challenge yourself and enhance your understanding of this essential concept in marketing.
