Marketing Mix Test

Identify the four stages of the product life cycle
introduction,growth, maturity and decline
Identify the four P’s of the marketing mix
Product place promotion price
Explain the two steps when develoption a marketing strategy
identify a target market and develop a marketing mix
Label the communication process of promotion
sender, the message, encoding, message chanel, decoding, noise, receiver, feedback
List and explain the three roles of promotion
inform, persuade, remind
Be able to math the types of commercials when examples of commercials are given
slice of life, musical, technical or scientific information, fantasy, testimonial, mood or image, character
Major types of media used for advertising
television, radio, print, direct mail, outdoor, ambient, internet
Advantages of advertising
ability to reach a wide audience, very controllable, repeatable, not limited by geography, has great potential to move people emotionally
Disadvantages of advertising
impersonal nature of advertising, not instant feedback, no ability to modify messages, overall high costs, easy to tune out of skip past
A company’s plan that identifies how it will use marketing to achieve its goals
Marketing Strategy
A smaller group or segment of a marketing which customers have similar characteristics and needs
Target Market
a broad group of prospective cusomers that a company wants to serve
market
businesses that complete most of their business activities in traditional ways rather than on the web
Bricks and Mortar
companies that carry out most of their business activities throught the internet
dot.com
the exchange of goods, services, information, or other business through electronic means
E-commerce
the blending of the four marketing elements
Marketing mix
describes the stages of sales and profit performance through which all brands of product progress as a result of competition
product life cycle
anything offered to a market by the business to satisfy needs
product
determining the best methods and procedures to be used so customers are able to locate, obtain, and use the products and services of an organization
distribution
when producers sell directly to the consumer
direct distribution
distribution involves other buisinesses in addition to the producer
indirect distribution
the amount added to the cost of the goods to cover all other expenses plus a profit
markup
the costof the product or service paid by the customer
price
the prices consumers are charged for a product or service
selling price
any paid form of communication sent through a mass medium by an organization that delivers a message to many people at the same time
advertising
refers to the methods used and information communicated to consumers
promotion
an unfilled desire
want
anything you require to live
need