Marketing Fundamentals final assessment

What is another term for the phrase 'Extended Marketing Mix?'

• The product life cycle

• The 7 Ps

• The 4 Ps

• SWOT

At what stage of the product life cycle might you find the need to introduce a product extension?

• At the end of the introduction stage

• When your product is enjoying exponential growth

• When your product is fully established in the marketspace

• When your product starts to decline in sales

A Perceptual map is used to do what?

• Create a gap analysis which allows them to spot a gap in the market for a new product or service offering

• Allow businesses to deduce where their product or service is positioned against competitors

• Give a business an overview of a product or services potential revenue

• Look at how their customer base is segmented by the 2 graph variables most relevant to their target market

This marketing process involves Segmenting by determining characteristics, then (a)   by evaluating potential commercial attractiveness of each segment, followed by Positioning, which involves developing a marketing mix for each chosen segment.

Which of the following summarised what a SKIMMING pricing strategy is

• Assessing the competition's prices and setting your price according to the competitive market place.

• Pricing your product at a lesser figure than a whole £ value

• Gradually reducing your price over time based on popularity and customer interest

• Offering an introductory produce or service at £0 cost for a trial period

If you were a retailer with 1 best selling 'hero product' and a number of other less popular products in a similar sku (category) what pricing strategy would you most likely adopt to support with the sales of the less popular items?

• Value Based Pricing

• Bundle Pricing

• High-Low Pricing

• Premium Pricing

AIDA is a model used for what main purpose in marketing?

• To help us understand the customer journey end to end

• To look at what variables we need to set on a perceptual map

• To help us decide what brand strategy we need

• To support with our market research

In the context of Supply Chain, Pull and PUSH marketing strategies can be defined very simply as what

• Push = demand led

  Pull = supply led

• Pull = demand led

  Push = supply led

Pull marketing examples could be:

• Organic Social media

  Events

  Retargeting Ads

• Direct Mail

  Display ads

  Teads

• Organic PR

  TV

  OOH

• Paid Social

  Radio

  Experiential PR

The Promotional mix has 3 communication objectives where all promotional tactics will fall into. What are they?

• Inform

  Educate

  Engage

• Educate

  Sell

  Retain

• Educate

  Consider

  Purchase

• Inform

  Persuade

  Remind