IELTS Listening Practice 104

 
Audio question: 
schedule First Time: 0 min 0 secs
replay Retake Test
  • Your Score: /
schedule07:30
Questions 30-40

Complete the notes below.  

Write NO MORE THAN THREE WORDS for each answer.

Seminar on Marketing Mix

Definition:  Marketing mix = right product at the right place, time &

Ps are the  of the marketing mix.

Product: Can be services or  . Marketer must research the   of the product, and reinvent it when sales decline to create more .

Question for marketers: what can be done to provide a   than competitors.

Price:  Influences a firm's and survival. Customers are unwilling to pay high prices when the firm is

Placement:  Requires of target market.

Promotion:  e.g. Word of mouth — satisfied customers communicate about of products. Can be a   asset to increase online sales.

 
This listening practice simulates the fourth section of the IELTS Listening test. Listen to the audio and answer questions 30-40.

  • library_books Audio Script

    (Section 4: You will hear a talk on the topic of marketing. First, you will have some time to look at questions 30 to 40 [20 seconds]. Listen carefully and answer questions 30 to 40.)

    L=Lecturer

    Good morning everyone, and welcome to this morning’s marketing lecture. Today we’re talking about the so-called ‘marketing mix’, ad this will be of particular interest to those of you who are thinking of starting up your own businesses. Now, what is a marketing mix, exactly? Let’s start with a definition.

    The marketing mix definition is simple. It is about putting the right product or a combination thereof in the right place, at the right time, and at the right price. The difficult part is doing this well, as you need to know every aspect of your business plan.

    The marketing mix is predominantly associated with the 4P’s of marketing created by E. Jerome McCarthy in the 1960s. This classification has been used throughout the world. Business schools teach this concept in basic marketing classes. The marketing 4Ps are also the foundation of the idea of marketing mix.

    The first P is about ‘product’. A product is an item that is built or produced to satisfy the needs of a certain group of people. The product can be intangible or tangible as it can be in the form of services or goods. You must ensure to have the right type of product that is in demand for your market. So during the product development phase, the marketer must do extensive research on the life cycle of the product that they are creating.

    A product has a certain life cycle that includes the growth phase, the maturity phase, and the sales decline phase. It is important for marketers to reinvent their products to stimulate more demand once it reaches the sales decline phase.

    Marketers must also create the right product mix. It may be wise to expand your current product mix by diversifying and increasing the depth of your product line. All in all, marketers must ask themselves the question what they can do to offer a better product to a certain group of people than their competitors. In developing the right product, think about what the client wants from the service or product, how and where the customer will use it, what features I needs and so on.

    The next P refers to ‘price’. The price of the product is basically the amount that a customer pays to enjoy it. Price is a very important component of the marketing mix definition.

    It is also a very important component of a marketing plan as it determines your firm’s profit and survival. Adjusting the price of the product has a big impact on the entire marketing strategy as well as greatly affecting the sales and demand of the product.

    This is inherently a touchy area, though. If a company is new to the market and has not made a name for itself yet, it is unlikely that the target market will be willing to pay a high price. Although they may be willing in the future to hand over large sums of money, it is inevitably harder to get them to do so during the birth of a business.

    Pricing always help shape the perception of a product in consumers’ eyes. Always remember that a low price usually means an inferior product in the consumers’ eyes. On the other hand, prices that are too high will make the costs outweigh the benefits in customers’ eyes, and they will therefore value their money over your product. Be sure to examine competitors pricing and price accordingly.

    Placement is the next P. Placement or distribution is a very important part of the product mix definition. You have to position and distribute the product in a place that is accessible to potential buyers.

    This comes with a deep understanding of your target market. Understand them inside out and you will discover the most efficient positioning and distribution channels that directly speak with your market.

    Finally, we come to promotion – the final P. Promotion is a very important component of marketing as it can boost brand recognition and sales. Promotion is comprised of various elements like sales and advertising.

    Advertising typically covers communication methods that are paid for, like television advertisements, radio commercials, print media, and Internet advertisements. In contemporary times, there seems to be a shift in focus offline to the online world.

    Word of mouth is also a type of product promotion. Word of mouth is informal communication about the benefits of the product by satisfied customers and ordinary individuals. Word of mouth can also circulate on the Internet. Harnessed effectively, it has the potential to be one of the most valuable assets you have in boosting your profits online.

    The marketing mix plan plays a vital role. It is important to devise a plan that balances profit, client satisfaction, brand recognition, and product availability. It is also extremely important to consider the overall “how” aspect that will ultimately determine success or failure.

Answer Sheet
1
2
3
4
5
6
7
8
9
10
11
12
N/A
13
N/A
14
N/A
15
N/A
16
N/A
17
N/A
18
N/A
19
N/A
20
N/A
21
N/A
22
N/A
23
N/A
24
N/A
25
N/A
26
N/A
27
N/A
28
N/A
29
N/A
30
N/A
31
N/A
32
N/A
33
N/A
34
N/A
35
N/A
36
N/A
37
N/A
38
N/A
39
N/A
40
N/A
 
Listening Script Vocabulary

(Section 4: You will hear a talk on the topic of marketing. First, you will have some time to look at questions 30 to 40 [20 seconds]. Listen carefully and answer questions 30 to 40.)

L=Lecturer

Good morning everyone, and welcome to this morning’s marketing lecture. Today we’re talking about the so-called ‘marketing mix’, ad this will be of particular interest to those of you who are thinking of starting up your own businesses. Now, what is a marketing mix, exactly? Let’s start with a definition.

The marketing mix definition is simple. It is about putting the right product or a combination thereof in the right place, at the right time, and at the right price. The difficult part is doing this well, as you need to know every aspect of your business plan.

The marketing mix is predominantly associated with the 4P’s of marketing created by E. Jerome McCarthy in the 1960s. This classification has been used throughout the world. Business schools teach this concept in basic marketing classes. The marketing 4Ps are also the foundation of the idea of marketing mix.

The first P is about ‘product’. A product is an item that is built or produced to satisfy the needs of a certain group of people. The product can be intangible or tangible as it can be in the form of services or goods. You must ensure to have the right type of product that is in demand for your market. So during the product development phase, the marketer must do extensive research on the life cycle of the product that they are creating.

A product has a certain life cycle that includes the growth phase, the maturity phase, and the sales decline phase. It is important for marketers to reinvent their products to stimulate more demand once it reaches the sales decline phase.

Marketers must also create the right product mix. It may be wise to expand your current product mix by diversifying and increasing the depth of your product line. All in all, marketers must ask themselves the question what they can do to offer a better product to a certain group of people than their competitors. In developing the right product, think about what the client wants from the service or product, how and where the customer will use it, what features I needs and so on.

The next P refers to ‘price’. The price of the product is basically the amount that a customer pays to enjoy it. Price is a very important component of the marketing mix definition.

It is also a very important component of a marketing plan as it determines your firm’s profit and survival. Adjusting the price of the product has a big impact on the entire marketing strategy as well as greatly affecting the sales and demand of the product.

This is inherently a touchy area, though. If a company is new to the market and has not made a name for itself yet, it is unlikely that the target market will be willing to pay a high price. Although they may be willing in the future to hand over large sums of money, it is inevitably harder to get them to do so during the birth of a business.

Pricing always help shape the perception of a product in consumers’ eyes. Always remember that a low price usually means an inferior product in the consumers’ eyes. On the other hand, prices that are too high will make the costs outweigh the benefits in customers’ eyes, and they will therefore value their money over your product. Be sure to examine competitors pricing and price accordingly.

Placement is the next P. Placement or distribution is a very important part of the product mix definition. You have to position and distribute the product in a place that is accessible to potential buyers.

This comes with a deep understanding of your target market. Understand them inside out and you will discover the most efficient positioning and distribution channels that directly speak with your market.

Finally, we come to promotion – the final P. Promotion is a very important component of marketing as it can boost brand recognition and sales. Promotion is comprised of various elements like sales and advertising.

Advertising typically covers communication methods that are paid for, like television advertisements, radio commercials, print media, and Internet advertisements. In contemporary times, there seems to be a shift in focus offline to the online world.

Word of mouth is also a type of product promotion. Word of mouth is informal communication about the benefits of the product by satisfied customers and ordinary individuals. Word of mouth can also circulate on the Internet. Harnessed effectively, it has the potential to be one of the most valuable assets you have in boosting your profits online.

The marketing mix plan plays a vital role. It is important to devise a plan that balances profit, client satisfaction, brand recognition, and product availability. It is also extremely important to consider the overall “how” aspect that will ultimately determine success or failure.

IELTS Listening Tips for Success
These are general tips that will appear on all listening questions.

coming soon

 
close
Hi, there!

Create your free beta account to use this feature.

close
Create your free beta account