Marketing Decisions and The Marketing Mix

0.0(0)
studied byStudied by 0 people
0.0(0)
full-widthCall Kai
learnLearn
examPractice Test
spaced repetitionSpaced Repetition
heart puzzleMatch
flashcardsFlashcards
GameKnowt Play
Card Sorting

1/11

flashcard set

Earn XP

Description and Tags

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.

Study Analytics
Name
Mastery
Learn
Test
Matching
Spaced

No study sessions yet.

12 Terms

1
New cards

What is qualitative data?

Non-statistical, opinion-based data.

2
New cards

What is quantitative data?

Numerical and statistical data.

3
New cards

What are some marketing objectives a business may set?

Sales volume and market share.

4
New cards

What are three key roles of a manager?

To delegate work, organise, and set objectives.

5
New cards

What types of decisions do managers typically make?

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

6
New cards

What does the acronym STP stand for in marketing?

Segmenting, Targeting, Positioning.

7
New cards

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

To decide which market segment to focus on.

8
New cards

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

To help a business make a comprehensive marketing plan.

9
New cards

Name all 7 Ps of marketing.

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

10
New cards

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
New cards

What is the product life cycle?

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

12
New cards

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

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

Explore top flashcards

PGY Exam 5 Review
Updated 546d ago
flashcards Flashcards (294)
IB Chemistry Quiz 1.
Updated 770d ago
flashcards Flashcards (46)
franz p3
Updated 881d ago
flashcards Flashcards (130)
CHAPTER 1 PEC
Updated 289d ago
flashcards Flashcards (164)
D4(T)
Updated 832d ago
flashcards Flashcards (27)
Tone/Style Words
Updated 55d ago
flashcards Flashcards (128)
PGY Exam 5 Review
Updated 546d ago
flashcards Flashcards (294)
IB Chemistry Quiz 1.
Updated 770d ago
flashcards Flashcards (46)
franz p3
Updated 881d ago
flashcards Flashcards (130)
CHAPTER 1 PEC
Updated 289d ago
flashcards Flashcards (164)
D4(T)
Updated 832d ago
flashcards Flashcards (27)
Tone/Style Words
Updated 55d ago
flashcards Flashcards (128)