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 __________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