What are the key elements of the marketing mix?

Price, Product, Promotion, Place.

What does Price in the marketing mix refer to?

The sale price of the product reflects what consumers are willing to pay for it.

What is a product in marketing terms?

Any good or service that fulfills consumer needs or desires.

What does Promotion include in the marketing mix?

Activities that communicate the benefits of the product and persuade target customers to buy it.

What is the role of Place in the marketing mix?

Company activities that make the product available to target consumers.

Who are Luckin Coffee's main customers?

White-collar workers and students, primarily aged 25-34.

What is a SWOT analysis?

A framework to help assess and understand the internal and external forces that may create opportunities or risks for an organization.

What does the 'Strengths' in SWOT analysis refer to?

Areas or characteristics where a company excels and has a competitive advantage.

What does the 'Weaknesses' in SWOT analysis refer to?

Areas or characteristics where a business is at a competitive disadvantage.

What are Opportunities in SWOT analysis?

External factors that represent potential growth or improvement areas for a business.

What are Threats in SWOT analysis?

External forces that represent risks to a business and its ability to operate.

What is the purpose of a marketing plan?

To outline major objectives for the brand and specifics of a marketing strategy for achieving them.

What is Marketing ROI?

The net return from a marketing investment divided by the costs of the marketing investment.

What are the benefits of calculating Marketing ROI?

Comparing market performance, distributing advertising budget wisely, and proving efficiency in marketing spend.

Principles of Marketing Concepts Flashcards

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22 questions

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1.

FLASHCARD QUESTION

Front

What is a marketing strategy?

Back

2.

FLASHCARD QUESTION

Front

What is a Customer Driven Strategy?

Back

3.

FLASHCARD QUESTION

Front

Give an example of a successful marketing strategy that has been used by any business of your choice.

Back

4.

FLASHCARD QUESTION

Front

What is Target Marketing?

Back

5.

FLASHCARD QUESTION

Front

What is the primary goal of a marketing strategy?

Back

6.

FLASHCARD QUESTION

Front

What does the marketing mix include?

Back

7.

FLASHCARD QUESTION

Front

What is the purpose of product positioning?

Back

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