Marketing Decisions and The Marketing Mix

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Flashcards covering qualitative and quantitative data, marketing objectives, managerial roles, STP, the 7 Ps of marketing, product range strategy, and the product life cycle introduction stage.

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12 Terms

1
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What is qualitative data?

Non-statistical, opinion-based data.

2
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What is quantitative data?

Numerical and statistical data.

3
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What are some marketing objectives a business may set?

Sales volume and market share.

4
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What are three key roles of a manager?

To delegate work, organise, and set objectives.

5
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What types of decisions do managers typically make?

Day-to-day decisions and strategic, long-term decisions.

6
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What does the acronym STP stand for in marketing?

Segmenting, Targeting, Positioning.

7
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What is the main purpose of the 'Targeting' stage in STP?

To decide which market segment to focus on.

8
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What is the primary purpose of the 7 Ps of marketing?

To help a business make a comprehensive marketing plan.

9
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Name all 7 Ps of marketing.

Product, Price, Place, Promotion, People, Process, Physical Environment.

10
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Why might a business choose to sell a range of products?

To spread risk, keep up with consumer trends, target different groups of people, and keep up with competition.

11
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What is the product life cycle?

A tool used to help make decisions about the marketing mix.

12
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How is the introduction stage of the product life cycle characterized?

A new idea is introduced to the market, typically involving high advertising.

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