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WorksheetsMarketing Fundamentals final assessment
Total questions: 10
Worksheet time: 6mins
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
