Lesson 8&9: MARKETING MIX & DISTRIBUTION — COMPLETE EXAM NOTES

What is the marketing mix?

The set of controllable marketing tools a firm uses to satisfy customer needs and achieve organizational goals.

What are the 4 Ps of the marketing mix?

Product, Price, Place (Distribution), and Promotion.

What is a product?

A bundle of physical characteristics, services, and symbolic meaning designed to satisfy consumer wants.

What are convenience products?

Products that are purchased frequently with minimal effort and are low-priced.

What is the distribution strategy for shopping products?

Selective distribution, where customers compare price, quality, and style.

What are specialty products?

Unique products with strong brand loyalty and little price sensitivity.

What characterizes unsought products?

Products that are not actively sought and have low awareness or interest.

Define raw materials in product classifications.

Items that become part of the final product and lose their identity.

What is a service in marketing?

An intangible offering that cannot be touched or stored, varying by provider.

What is a product line?

A group of related products targeted to a similar market.

What is the product life cycle (PLC)?

A concept that describes a product’s journey from introduction to withdrawal.

What are the stages of the product life cycle?

Introduction, Growth, Maturity, Decline.

What is the primary goal during the introduction stage of PLC?

To build awareness for the product.

Define brand in marketing terms.

A name, symbol, or design that identifies a product and differentiates it from competitors.

What are the levels of brand loyalty?

Brand recognition, brand preference, and brand insistence.

What constitutes brand equity?

The added value from awareness, loyalty, perceived quality, and brand associations.

What are core product attributes?

Quality, features, style, and design.

What are packaging functions?

Visual, informational, protective, and symbolic aspects of packaging.

What is the role of marketing channels?

To reduce transactions, increase efficiency, and add value.

What is a distribution channel?

The path products and ownership follow from producer to consumer.

What is intensive distribution?

A strategy providing maximum availability of convenience products.

What distinguishes indirect channels?

An intermediary is involved between the producer and the consumer.

What is multichannel distribution?

A strategy where a firm uses multiple channels to reach customers.

What are push and pull strategies?

Push promotes to intermediaries; pull promotes directly to consumers.

What factors are evaluated in channel design decisions?

Customer needs, channel objectives, alternatives, cost, control, risk, and adaptability.

What is selective distribution?

A strategy with limited outlets for shopping products.

What is exclusive distribution?

A strategy where a product is available in one or very few outlets, often for luxury goods.

How does branding contribute to competitive advantage?

Branding builds long-term loyalty and customer recognition.

What is the relationship between product life cycle and marketing decisions?

The product life cycle affects all marketing decisions from pricing to promotion.

What is the goal of new product development (NPD)?

To create successful products that meet customer needs despite being risky and expensive.

What are the risks in product development?

Misunderstanding customer needs, flawed design, and unclear value propositions.

What is the importance of the marketing mix?

It ensures that product, price, place, and promotion are consistent and aligned for effective marketing.