10 Questions
Traditional marketing focuses on identifying the right ______ and understanding their attitudes, behaviors, and motivations to encourage purchase.
customer
Price - value of an offering, represented by monetary value (Ex. ₱50 haircut). Place - where the offering can be found, represented by the location where the product can be bought (Ex. A salon in a mall offering a ₱50 ______).
haircut
Marketing mix is defined as a set of marketing tools (4Ps) that a business blends to offer to the target market and get the response it wants from them. Products - this is the company offering, can be tangible or ______.
intangible
Promotion - refers to the 3Ps to encourage exchange, represented by advertisements or communication tools that can be utilized. The 4Cs are defined below: Customer’s needs - refers to the needs that have to be satisfied. Customer’s ______ - refers to the value that has to be given up by the customer to be able to acquire the product that can satisfy his/her need.
cost
Customer’s convenience - refers to the ease of acquiring or getting a product that can satisfy his/her ______.
need
Define traditional marketing and explain its focus on customer identification and understanding.
Traditional marketing focuses on identifying the right customer and understanding their attitudes, behaviors, and motivations to encourage purchase. It emphasizes the process of identifying the target market and comprehending their attitudes and behaviors in order to stimulate purchases.
What is the marketing mix and how does it relate to the target market?
The marketing mix is defined as a set of marketing tools (4Ps) that a business blends to offer to the target market and get the response it wants from them. It includes the product, price, place, and promotion, which are tailored to meet the needs and preferences of the target market to elicit the desired response.
Explain the components of the marketing mix - products, price, place, and promotion.
Products refer to the company's offerings, which can be tangible or intangible. Price represents the value of the offering, place indicates where the offering can be found, and promotion refers to the communication tools used to encourage exchange.
Define the 4Cs in marketing and explain each - customer’s needs, customer’s cost, and customer’s convenience.
The 4Cs in marketing consist of customer’s needs, which refer to the requirements that must be satisfied; customer’s cost, which pertains to the value surrendered by the customer to acquire a satisfying product; and customer’s convenience, which relates to the ease of acquiring a product that fulfills their needs.
Provide an example of the marketing mix in action, incorporating products, price, place, and promotion.
An example of the marketing mix in action could be a salon offering a ₱50 haircut. The product is the haircut, the price is ₱50, the place is the salon in a mall, and the promotion could involve advertisements or communication tools to attract customers.
Study Notes
Traditional Marketing
- Focuses on identifying the right target market and understanding their attitudes, behaviors, and motivations to encourage purchase
Marketing Mix
- Defined as a set of marketing tools (4Ps) that a business blends to offer to the target market and get the response it wants from them
- Components:
- Products: company offering, can be tangible or intangible
- Price: value of an offering, represented by monetary value
- Place: where the offering can be found, represented by the location where the product can be bought
- Promotion: refers to the 3Ps to encourage exchange, represented by advertisements or communication tools that can be utilized
4Cs in Marketing
- Defined as:
- Customer’s needs: refers to the needs that have to be satisfied
- Customer’s cost: refers to the value that has to be given up by the customer to be able to acquire the product that can satisfy his/her need
- Customer’s convenience: refers to the ease of acquiring or getting a product that can satisfy his/her need
Marketing Mix in Action
- Example: A salon in a mall offering a ₱50 haircut
- Product: ₱50 haircut
- Price: ₱50
- Place: The salon in the mall
- Promotion: Advertisements or communication tools utilized to encourage customers to get the ₱50 haircut
Test your knowledge of marketing strategies with this quiz focused on traditional marketing approaches. Learn about the key elements that make marketing effective and gain insights into various strategies used in the industry.
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