The Marketing Mix Quiz

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.