Product
Product includes goods in addition to what?
services and ideas
What does price entail?
The cost the consumer must pay to attain the product.
What does place entail?
the place where a product should be marketed and how it should be delivered to the target market
What does promotion entail?
All of the advertising and public relations that make up a promotional strategy for a product
What is the purpose of the Marketing Mix?
To ensure a company’s product reaches its target audience effectively by balancing all elements of the 4Ps. “Finding the right mixture”
Give an example of a product in the sports industry.
Sports apparel, equipment, team merchandise, or ticket sales.
Why is price easier to manipulate than the other Ps.
Price is very simple and the cost can be determined by the seller whereas the other Ps require the development of a new product, products/advertisements moved to another place, or new advertisement campaigns.
Why is distribution important for a sports apparel brand?
Ensuring products are available in the right locations (physical stores, online platforms) helps the brand reach its target audience and boosts sales.
What are two promotional strategies sports brands use to engage fans?
Social media campaigns and sponsoring athletes or teams.
Besides the 4Ps what is another example of marketing mix?
The 7Ps or the 4Ps.
Why is product the first of the 4Ps?
Without a product to sell there is nothing to price, place, or promote.
Customers use price as an indicator of what?
Quality
Where would a sports team sell their merchandise?
Stadiums, online stores, and retail outlets like sporting goods stores.
How do social media ads enhance promotion for media streaming services?
They can offer more personalized ads or direct ads to the target market.
Explain how the 4Ps work together when launching a new product.
The product must meet consumer needs, priced competitively, available in the right locations, and promoted to attract interest.
Describe a product sold by Apple. (include as many aspects of product as possible)
Phone and charger, Unboxing experience, Prestige of an Apple device, AppleCare, Software updates, etc.
Explain how companies balance profits and customer satisfaction in pricing.
Setting a price where the business makes money and that the consumers are comfortable paying.
Where should a streaming company advertise their product?
The company could advertise on social media platforms popular to its target market.
Why is marker research important for determining a promotional strategy.
It is important to research what messages, messengers, or strategies will resonate with consumers.
How could a sports team use all 4Ps to promote a new season?
Offer season tickets (product) at different price points, sell them online and at stadiums (place), and promote through social media and local ads (promotion).
Why is researching the target market crucial in developing a product?
Developing a product requires an understanding of the customers needs.
How might price perception affect consumer demand?
If consumers perceive the price to be too high, they may not buy the product, but if they believe they are getting value for money, demand may increase.
Explain how place impacts consumers' access to a product.
Effective distribution ensures that consumers can access the product conveniently, whether through physical locations or digital platforms.
What is a promotional strategy that an NFL team might use to sell tickets.
Traditional advertising, social media campaign.
Explain how competition with other companies' products impacts two elements of the marketing mix.
Answers may vary: Create a product that is better than a competitor's product. Price the product more attractively then competitor’s product (ex. Less expensive). Place the product nearby to competing products to show comparison. Promote the ways in which the product is better than the competition.