The 4 P's
The 4 P's is also known as....
The Marketing Mix
Geographic
DVD's are most likely in which stage of the Product Life Cycle?
Decline
In product, price, place, and PROMOTION, the promotion category consists of:
1) Sales Promotion
2) Personal Selling
3) Public Relations
4) ?????
What is the fourth element?
Advertising
A group of customers with shared attributes who have been identified as the most likely buyers of a company's product or service.
Target Market
Which element of the marketing mix is related to design, features, and packaging?
Product
Spending habits and brand loyalty are characteristics of which market segmentation?
Behavioral
The peak of the product life cycle.
Maturity
Name 2 examples of advertising.
TV, Radio, Billboard, Magazine, Posters, Flyers, etc.
For the first time ever, Las Vegas will be hosting the Super Bowl. Tickets are expected to sell between $10,000-$36,000. To promote the game, advertisements are expected to be on television, the radio, and social media. Based on this information, identify each element of the marketing mix.
Product: Super Bowl
Price: $10,000-$36,000
Place: Las Vegas
Promotion: TV, radio, social media
One of the most important elements of the marketing mix that should be taken with great care as it is linked to the product's real and perceived value.
Price
Name 3 characteristics of the demographic market segmentation.
Age, gender, race, religion, income, occupation, level of education, marital status, etc.
If a product was released a few months ago and is now gaining in popularity and sales, which stage of the product life cycle would the product most likely be in?
Growth
Short-term incentives encouraging a purchase/sale is which element of promotion?
Sales Promotion
A coffee company introduces a loyalty program, offering discounts to customers who buy their drinks often. Which type of market segmentation is the company using?
Behavioral
A new clothing brand decides to sell their product in only select locations. Which element of the marketing mix is being described?
Place
Retirement communities most likely use which market segmentation to identify their target market?
Demographic
During this stage of the product life cycle, costs are very high while there is little profit and competition.
Introduction
In your own words, explain what public relations (PR) is.
Building relationships with publics and maintaining a favorable company image.
In terms of sales, explain the difference between the product life cycle stages growth and maturity.
During growth, sales volume is increasing. In maturity, sales have reached their peak and are just maintaining.
TV advertisements and partnerships with influencers are examples of which element of the marketing mix?
Promotion
A company identifies their target market as people who value living healthy lifestyles, which can include eating healthy and working out. Which market segmentation are they using?
Psychographic
A popular athletic shoe has had steady merchandise sales and has been around for a long time. Which stage is it most likely in?
Maturity
The local basketball team hosts a charity night to raise money for a children’s hospital and promotes the event through local news coverage. Which element of promotion is taking place?
Public Relations
In your own words, describe the difference between primary research and secondary research. Provide an example of each.
Primary - research conducted firsthand, by YOU, the company. Examples: interviews, emails, focus groups.
Secondary - research conducted by someone else first and now you are collecting it through databases, past articles, libraries, online, etc.