The Four Ps
Product, Place, Price, Promotion
What are the Four Ps of the marketing mix?
Strengths
What does the "S" in SWOT analysis stand for?
Marketing Mix
What term describes a combination of factors that a company controls to influence consumers to purchase its products?
A specific group of consumers that a company aims to reach with its products and services
What is a target market?
Customer Lifetime Value
What does CLV stand for in marketing?
Place
Which "P" of the Four Ps involves deciding where and how to distribute the product to customers?
Strengths and Weaknesses
Which two elements of SWOT analysis refer to internal factors of the company?
Promotion
In which part of the marketing mix do "sales promotions" and "advertising" fall?
Target marketing focuses on a specific group, while mass marketing targets a broader audience.
What is the difference between target marketing and mass marketing?
It helps businesses determine the long-term value of retaining customers over time
Why is customer lifetime value important to businesses?
Promotion
Which "P" is concerned with communicating with potential customers about the product?
A new competitor entering the market
What is an example of a "threat" in a SWOT analysis?
Place
What aspect of the marketing mix might include decisions about physical stores versus online sales?
Nike
Which company is known for focusing on niche target markets, particularly in health and fitness?
Amazon, Apple, Starbucks
Name a company that uses customer lifetime value as a key part of their marketing strategy.
Price
What "P" includes deciding how much to charge for the product?
To evaluate a company's internal and external environment for strategy development
What is the purpose of conducting a SWOT analysis?
By offering prices that match value or undercut competitors
How do companies use the "Price" element of the marketing mix to create competitive advantage?
Niche Marketing
What type of target market strategy tailors products to small, specific groups of customers?
Loyalty programs, personalized marketing, customer service, etc.
What is an example of a tactic used to increase customer lifetime value?
Product
Which of the Four Ps refers to the goods and services offered to meet the needs of the customer?
Opportunities
Which part of SWOT analysis looks at areas for business growth and expansion?
Apple, Nike, Coca-Cola
Name a company that has successfully used all Four Ps in its marketing mix and explain how.
Age, gender, income, education, etc.
What is an example of a demographic factor that companies consider when identifying a target market?
It increases CLV by encouraging repeat purchases and long-term loyalty.
How does increasing customer retention impact customer lifetime value?