Marketing Mix
What are the 4 Ps?
Product, Price, Place, Promotion
- Getting funds to run the business
- Building customer base to increase revenue
Financing
Ryan is working with his marketing team to determine what they should charge customers. What function of market is this?
Price
Taste the rainbow.
Skittles
Name a Product.
Name a Service.
Varies
Which element of the marketing mix involves communication with customers?
Promotion
-Setting Prices that cover costs
-Considering customer expectations and market conditions
Price/Pricing
An online clothing retailer offers customization options, allowing customers to choose fabric, design, and size. Which of the 4 Ps is the focus of this strategy?
Product
Are you in good hands?
Hint: Insurance Company
Allstate
What is a way a business can get funds for the business?
- Profit
- Investments
-Loans-Personal Savings-Friends/Family
Which of the 4 Ps determines what packaging will look like and how customers will experience what you're selling?
Product
- Getting products to the right place
- Store location planning
- Product placing within stores
- Managing supply chain
Distribution
A high-end jewelry brand sponsors a prestigious fashion event to enhance its brand image and target a more upscale clientele. What element of marketing is the focus of this strategy?
Promotion
Get your own box.
Hint: It's a snack. Frequently provided during STAAR tests.
Cheez-It
The Quicker Picker Upper
Bounty
A fast-food chain decides to expand its presence by opening new outlets in strategic locations within urban areas. Which of the 4 Ps is the focus of this strategy?
Place
- Direct customer communication
- Understand customer needs
- Providing personalized assistance
- Building customer awareness
Selling
McDonalds conducts extensive research to determine the most cost effective way to transport their products. This is which component of the marketing mix (4 Ps)?
Place (distribution)
Which global company allows workers to bring their dogs to work with them?
Hint: You can buy almost anything from them online
Amazon
How does supply and demand affect price?
When demand is high, prices tend to increase; when supply exceeds demand, prices may decrease.
Which of the 4 Ps is the most important?
DOUBLE JEOPARDY
None! They are all equally important!
-Understanding the market
-Analyzing sales data
-Conducting Market Research
-Making Data-Driven Decisions
Market Information Management
A novelty store owner ordered 500 Freddy Kreuger masks to sell during the Halloween season because they sold out early last year. This year, only 50 sold, and the owner was left with a large surplus. Which marketing function could have been used to prevent this situation?
Marketing-Information Management
Which fast food chain has the most locations around the world?
Hint: They sell sandwiches
Subway
What are some ethical dilemmas that may face the world of marketing?
- False Advertising. -Unsafe Products. -Deceptive Practices. - Poor Service. ETC