Marketing Mix
What is the marketing mix?
Combination of product, price, place (distribution) and promotion elements being used in a marketing plan
The EG Cookie Business decides they want to focus their marketing on freshmen/sophomores since they're most likely to eat at school. This would be segmenting the market based on ___________
Demographics
The 3 parts of the Marketing Concept are:
Customer Orientation
Service Orientation
Profit Orientation
Dunkin Rewards
Behavioral (volume)
Place (distribution)
Starbucks with their Gold Stars program (rewards) for regular Starbucks customers is segmenting the market based on what?
Testing out consumer response to a product on a small scale before releasing it to the whole market
Baking soda for people who use it to brush their teeth
Behavioral (benefit)
Which component of the marketing mix involves Apple devoting an entire team of people towards research and development of the new Apple Watch?
Product
Provide an example of One-To-One Marketing.
A marketing effort with a personalized message (i.e. emails/mail regarding past purchases, a "for you" page)
What is market share?
Percentage of a specific market composed by a company (measured by percentage of sales relative to the whole market)
Jet Blue offering holiday flight deals to midwesterners
Geographic
Describe 3 INTERMEDIARIES
Retailer
Wholesaler
Agents/Brokers
Distributor
Provide an example of a consumer market & an industrial market for Apple.
Industrial-- anyone using their products for business use
Consumer-- anyone using their products for personal use
Define Intermediary
Someone/something that links the product to the consumer (retailer, wholesaler, agents/brokers, distributors)
Elk Grove High School not allowing underclassmen to leave campus during lunch
Demographic
iPhones price lines new releases to allow people from different socioeconomic groups to remain customers. Which part of the marketing mix would this be?
Price
Provide an example of a marketing campaign that followed a mass-marketing strategy
Any marketing efforts that use one single message to reach as many people as possible rather than focusing on specific market segments
Marketing strategy used to provide more "individualized" messages to customers
One-to-one marketing
Doritos targeting people who watch football
Psychographic