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The Market Mix-Product, Distribution and Price
Terms in this set (54)
A marketing mix is the blending of product, distribution, price and promotion to satisfy a target market.
The different products and services a business sells is its product selection.
Product features include color, size, quality, hours, warranties, delivery and installation.
Products in the same category, such as cars, are positioned in the market to serve different customer needs.
The routes that products take from the time they are produced until they arrive at a retail store are the channels of distribution.
Retail stores can distribute their products to consumers by having convenient hours for customers, by shipping directly to consumers, or through the Internet.
Unlike retail businesses, service businesses do not have channels of distribution because they produce the services they sell.
With cost-based pricing, the price is determined by using the wholesale cost of an item as the basis for the price charged.
Demand-based pricing is usually only used by businesses that are monopolies.
With competition-based pricing, the price charged is the same as the price charged by competitors.
the marketing mix
Price is one of the elements of______________
is the different products and services a business sells
A product mix
positions its product in a certain market
To satisfy a specific customer need, a business
all of these
Channels of distribution include the routes that products and services take
for the products and services they sell
Businesses need channels of distribution
may be a good idea for many businesses
Distributing a product or service on the Internet
All of the following are price objectives except
all of these
A business may set its prices for products or services using
using the wholesale cost of an item
With cost-based pricing, a price is determined by
high enough to make a profit
Businesses should always set their prices
In choosing an advertising medium, cost is the most important factor.
Although television advertising is very effective it is expensive and generally reaches too broad an audience for businesses.
A radio station will provide a psychographic profile of its listeners so that businesses can be sure they reach their target market.
Newspaper advertising is good for small businesses because it targets a limited geographic area
An advantage of advertising in a telephone directory is that people look there for a particular type of business.
A disadvantage of direct-mail advertising is that it is difficult to determine how to reach only your target customers.
Although publicity is free, it can be negative if the media coverage is unfavorable.
A press release is a written statement issued by the media to inform the public of an event or product.
Businesses can offer sales promotions as incentives to customers in order to increase sales.
If entrepreneurs do not have good personal selling skills, they can take courses to improve their skills.
A paid form of communication sent out by a business about a product or service is
consider its effectiveness in reaching your target market
In choosing an advertising medium, you should
it is only an audio message
A disadvantage of radio advertising is that
it targets a limited geographic area
Newspaper advertising is good for small businesses because
mailing lists for target markets are available for purchase
The main advantage of direct-mail advertising is that
all of these
Publicity is free promotion that
Contest, coupons, free samples, and rebates are examples of
an entrepreneur's personal-selling skills
A critical factor in the success of any business is
Established short, medium, and long term marketing goals ensures that the marketing you do today fits the vision you have for your business.
Short term goals are what you want business to achieve in the next 2 or 3 years.
Because short term goals should help you determine how to target your marketing, they should not be stated in terms of profit levels.
Short term goals are used to create marketing strategies for each element of the marketing mix.
If a short term goal is to generate traffic in a retail store, the marketing strategy should focus on the market share of the competition.
To determine the market share of a business, the total market for a product must be known.
Market share for a business is found by dividing the total market size by the business's sales.
Businesses can increase market share for their companies y networking with potential customers.
Long term goals show where you would like your business to be 5 or 10 years from now, but do not help you think about how to market your business today.
A written marketing plan can help you determine whether your marketing strategies are solid and help you get financing for your business.
help shape your marketing plan
all of these
Short term goals can be stated in terms of
create marketing strategies to achieve a short term goal
Product, distribution, price, and promotion can be used to
2 to 5 years
Medium term goals describe what you want your business to achieve in
all of these
Identify your competition
A written marketing plan should do all of the following except
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