Marketing Mix
What are the main 4 P's?
Product, Price, Promotion and Place
Name one tangible product.
Drinks, Computers, Food, etc.
What is promotion?
Promotion is market communication between the company and the public
What type of product is a service?
Intagible product
What is price elasticity?
Price sensitivity, change in demand when the price is also changing
What are the additional 3 P's that are supplemented for service products? (That are aside from the main 4)
Personal, "Physical evidence and Process
What are tangible goods?
Phsyical product and gives physical benefits
What does AIDA stand for?
Attention, Interest, Desire, Action
What does the service package consist of?
A core service and peripheral services
When is a price elastic?
A price is elastic when the quantity decreases relatively more than the price increases. That means that a price increase will bring less revenue (price sensitive)
What is the purpose of a Marketing Mix?
The purpose of a Marketing Mix is for the company to be able to adapt to the market and produce the desired effect from its target audience.
Marketing Mix is a marketing tool to realize the company's goals.
What are intangible goods?
Non-physical products and gives sevice benefits
Name 2 cultures that are high context cultures
Japan, Arab Countries, Greece, Spain, Italy
Why is a peripheral service needed?
Competitors all have the same core service therefore added peripheral services differentiates a company.
When is a price inelastic
The quantity decreases relatively less than the price increases. That means a price increase will bring more revenue (less price sensitive)
What are the different types of PLC consumer types?
Innovators, Early adopters, Early majority, Middle majority, Late majority and Laggards
What is the difference between durable goods and nondurable goods?
Durable goods last a long time and can be used repeatedly before repurchasing while nondurable goods are consumed once or a few times, and need to be replaced more frequently.
Name 3 cultures that are low context cultures
England, France North America, Scandinavian countries, German-speaking countries
What is an experience economy?
Products or services that add some sort of experience, to be more attractive and desirable to the customer.
What are the 4 types of price strategy?
Break-even strategy, Profit maximization,Maximization of market share, Price/quality leadership
What is the purpose of a PLC?
The purpose of the PLC is to help determine the appropriate stategic methods to support the product or service.
What are the 8 dimensions of quality?
Performance, Features, Reliability, Conformance, Durability, Serviceability, Aesthetics and Perceived quality
Name three types of promotion.
Advertisement, sales promotion, PR, Sponsoring, Direct marketing, Online marketing, Personal sale.
What are the four different realms of experience (Experience economy)
Entertainment, Education, Escapism, Aesthetics
The price strategy is the company’s framework for what?
Setting the right price level