Marketing Decisions and The Marketing Mix

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.

What is qualitative data?

Non-statistical, opinion-based data.

What is quantitative data?

Numerical and statistical data.

What are some marketing objectives a business may set?

Sales volume and market share.

What are three key roles of a manager?

To delegate work, organise, and set objectives.

What types of decisions do managers typically make?

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

What does the acronym STP stand for in marketing?

Segmenting, Targeting, Positioning.

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

To decide which market segment to focus on.

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

To help a business make a comprehensive marketing plan.

Name all 7 Ps of marketing.

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

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.

What is the product life cycle?

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

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

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