Marketing Mix
What is included in the Marketing Mix?
4 P's and 2 C's
What is the PLC?
The stages a product goes through from when it was first thought of until it finally is removed from the market
Who uses AIDA?
Marketers
What are advertising appeals?
Communication strategies that marketing and advertising professionals use to grab attention and persuade people to buy or act
What is the equilibrium?
The state in which market supply and demand balance each other
What are the 4 P’s?
Product, Price, Place and Promotion
What are the phases of the PLC?
Introduction, Growth, Maturity and Decline
What does AIDA stand for?
Attention, Interest, Desire and Action
What is the difference between emotional and rational appeals?
Emotional appeals playoff your emotions (could play on happiness, dreams, fear, etc) and rational appeals playoff facts and truth
What is Marketing?
All activities regarding getting your product to the customer
What are the 2 C’s?
Customer (or Consumer) and Competition
In what stage do companies spend the most amount of money, with the smallest amount of return?
What does the “DA” stand for? (expand)
Desire: It is the seller’s task to persuade the customer that they want to own this product
Action: As soon as the desire to buy starts, this must be transferred into an action, which is the purchase
What are the differences between print, media, and social media advertising?
Print Advertising is everything that can be created and printed
Media advertising is a newer version to print. It includes a video that will be shown on TV, electronic billboards, and ads before the movie
Social Media advertising is advertising on social media
Name the levels of Maslow’s Hierarchy of Needs?
"physiological", "safety", "belonging and love", "social needs", and "self-actualization"
Why do businesses use the marketing mix?
To help a business determine the suitability of a product/service for a particular target consumer base
Draw the regular PLC, the niche PLC, the fad PLC and the seasonal PLC
*example in class
What does the “AI” stand for? (expand and give an example)
Attention: The product must attract the consumer's attention (ex, the Coco-Cola zero coke campaign with a black screen, asking questions)
Interest: The attention of the potential customer is piqued (ex, the Coco-Cola zero coke campaign, using the word zero in all campaigns and was the only constant feature)
Why is it important for advertisements to use at least one appeal?
- to guide the planning of your advertisement
- to efficiently target your target market
- to predict the response you will get from your advertisement
What are the 4 types of marketing segmentation?
Demographic, Psychographic, Behavioral and Geographic
Name one question companies might ask themselves for the 4‘s?
Product
- What needs does it satisfy?
- What features does it have to meet these needs?
Price
- What is the value of the product or service to the buyer?
- How will your price compare with your competitors?
Place
- Where do buyers look for your product or service?
- What distribution channels will you use?
Promotion
- Where/when can you get your marketing messages across to your target market?
- When is the best time to promote?
Name 3 reasons why products move into the decline phase
Insignificant point of difference
Incomplete market and product definition before product development starts
Too little market attractiveness
Poor execution of the marketing mix
Poor product quality on critical factors
Bad Timing
No economical access to buyers (fighting for shelf space)
Give an example of AIDA you have seen in your own life
*answers may vary
Name an efficient example of the 3 main types of advertising (print, media, social media) that you have seen in your own life
*answers may vary
What is vertical and horizontal channel conflict?
A vertical conflict is a conflict that occurs between two different types of members in a channel (ex. a manufacturer, an agent, a wholesaler, or a retailer)
A horizontal conflict is a conflict that occurs between organizations of the same type (ex. two manufacturers that each want a powerful wholesaler to carry only its products)