Managing the Marketing Mix: Product, Price, Place, and Promotion

These flashcards cover the key concepts outlined in the lecture notes regarding the marketing mix, branding, product life cycle, pricing, and distribution strategies.

What are the four elements of the marketing mix?

Product, Price, Place, and Promotion.

What is a total product offer?

A total product offer includes all aspects of a product, both tangible and intangible, that provide value to the consumer.

What is the difference between a brand name and a trademark?

A brand name distinguishes products, while a trademark gives legal protection to the brand's identity.

What are the stages of the product life cycle?

Introduction, Growth, Maturity, and Decline.

What is brand equity?

Brand equity is the value derived from brand recognition, loyalty, and associations.

What is the function of packaging?

Packaging attracts attention, protects goods, provides information, and indicates pricing.

What are pricing objectives?

Objectives such as achieving target ROI, building traffic, gaining market share, and creating brand image.

What is the purpose of marketing channels?

Marketing channels facilitate the distribution of goods from producers to consumers, increasing efficiency.

What distinguishes wholesalers from retailers?

Wholesalers sell to businesses, while retailers sell directly to consumers.

What is the importance of nonstore retailing?

Nonstore retailing, like online and direct selling, offers convenience and accessibility to consumers.

What are the elements of the promotional mix?

The promotional mix includes advertising, public relations, personal selling, and sales promotion.

What is the push strategy in marketing?

A push strategy encourages consumers to buy by promoting products at retail stores.

What is the pull strategy in marketing?

A pull strategy involves creating consumer demand so that consumers actively seek out a product.