3.3 The Marketing Mix Quizs

Intangible aspects of a product

• Refer to aspects that can be touched and felt by customers.

• Include physical features and specifications of the product.

• Refer to aspects that cannot be touched but can still be important to customers, such as the brand and its key values.

• Are only related to the product's price and discounts.

Extension strategy

• occurs when marketing activities are changed to prevent sales from falling.

• is a method to increase product prices to boost revenue.

• involves reducing the number of products offered to focus on bestsellers.

• is a strategy to discontinue a product line that is underperforming.

Cost-based pricing

• occurs when a business considers the costs of an item and adds on an amount or a percentage to ensure it makes a profit.

• is a pricing strategy that focuses on the perceived value of a product to the customer.

• is determined by analyzing competitor prices and setting a similar price.

• is a method where prices are set based on the demand for the product.

Tangible attributes of a product

• refer to its physical aspects, such as how it looks and feels.

• are related to the brand reputation and customer service.

• include the warranty and return policy of the product.

• are determined by the product's price and market demand.

Psychological pricing

• takes account of the psychological effect of a price on customers.

• is a strategy that involves setting prices based on competitors' prices.

• is a method of pricing that ignores customer perception.

• is a pricing strategy that focuses solely on profit margins.

Boston Matrix

• is a method of product portfolio analysis that examines the products of a business in terms of their market share and the market growth.

• is a financial model used to predict future sales of a product.

• is a strategy for managing employee performance in a company.

• is a technique for analyzing customer satisfaction surveys.

Click-through rate (CTR)

• measures the number of visits to a website as a percentage of the number of impressions of a digital advert.

• is the total number of clicks on a website divided by the total number of unique visitors.

• calculates the average time a user spends on a website after clicking an ad.

• is the ratio of the number of times an ad is shown to the number of times it is clicked.

Distribution outlet

• is where the product is actually sold; for example, the shop.

• is a place where products are manufactured.

• is a type of marketing strategy.

• is a method of product promotion.

Product differentiation

• occurs when the benefits of your product are perceived as clearly different from competitors’ products.

• is the process of making a product more similar to competitors’ products.

• is a strategy to reduce the price of a product to compete with others.

• is when a product is marketed to a specific demographic without any unique features.

Price discrimination

• Occurs when different prices are charged for the same product.

• Is a pricing strategy where a product is sold at a single price.

• Refers to charging the same price for all customers regardless of demand.

• Is a method to increase sales by lowering prices for all customers.