1.13 Marketing Flashcards
(11 cards)
What are the 9 components of Marketing
Customer Identification, Corporate and Brand Identity, Packaging, Labelling, Global Marketing, Advertising and Promotion, Product costing, Cycle and Takt Time, Product Life Cycle
What is customer identification
Designers need to know as much about their customers as possible to make the best possible aesthetics, type of product etc. These decisions are based of age, gender, disposable income etc and are pivotal to creating and advertising a product the consumer is motivated to purchase as it matches more closely to the needs of the customer
What is corporate and brand identity
Corporate identity is the branding that is used to present the image of the company to the public. It uses a range of colours and fonts to create a brand identity and is vital to maintaining customer loyalty. Companies protect their brand by using registered trademarks
What is packaging
Packaging is a key aspect of product marketing. Many brands use packaging as their brand identity such as coca cola and their distinct bottle shape being a key part of their identity
What is labelling
Labelling is also used in marketing through the use of slogans and offers to attract customer attention. Labelling can also be used to to inform consumers about important information such as dietary information, use by date and allergens. Products may also have age restriction labels to warn consumers on choking hazards or the BSI/CE trademarks to indicate they meet basic safety standards
What is global marketing
Global marketing is the idea of promoting a product worldwide. This has the chance to grow the business however needs to be done correctly. Many fast food chains use different menus that are suitable for different countries and the marketing needs careful consideration to make sure designs are not offensive to consumers and don’t break any decency laws. Companies that are most successful operate from different countries however the internet has allowed for smaller companies to operate internationally
What are the 4 ways to advertise and promote products
During the growth stage of a product marketing may often use magazines and specialist magazines to advertise their products. These specialist magazines allow marketing messages to reach the correct target market
Personalised video ads are used to target consumers with ads that show previous interests to a specific product. Ads are likely to have a “Buy now” button that will direct consumers to the checkout
The use of social media has seen “viral marketing” this involves people passing a marketing message to their friends which can snowball and lead the the product going “viral”
Cookies are packets of information exchanged from the website to the browser that allow the websites to store information about the consumer and their preferences. This means that the next time you use the internet the pop up display ads will appear to display products you were looking at. This is called retargeted marketing. This also happens when signing up for free email accounts where information entered is used to to market products towards the consumer with a higher interest to the consumer
What are the 2 components of product costs
Direct costs are those that are directly related to making a specific product, and include labour, material costs, production supplies and factory overheads.
Indirect costs are those that are not directly related to making a product but involved with running a business such as admin, personnel and security, maintenance, depreciation and electricity
The cost of 1 product is the sum of the direct material costs, direct labour costs and the total manufacturing overhead over the number of units made
What is cycle and takt time
Computer modelling can be used to work out the cycle time for a production process, for example a car manufacturing operation. This is used to plan out the takt time which is the rate at which an item needs to be made to meet customer demand. Other factors that influence the production time include breaks, activities and cleaning time.
Takt time is calculated by dividing the available production time per day by the customer demand per day
What are the 4 stages in a product life cycle (Brief)
Introduction, Growth, Maturity, Decline
What are the 4 stages in a product life cycle (In detail)
Introduction: This stage sees the product being launched and often surrounded by a large amount of publicity. Sometimes products evolve in response to the demand pull for desirable features such as improved battery life or larger memory in a smartphone. Manufacturers spend large amounts of money to research and develop their product to convince consumers to purchase their latest product.
Growth: Once the product is on the market it is expected that its sales will grow as consumers seek to replace older models and purchase new ones
Maturity: Eventually the growth in sales will peak as the product is perceived to desirable. It is important that companies ensure this stage is maintained for the longest time to maximise sales
Decline: Sales eventually begin to diminish as most consumers have bought the product and will start seeking replacements. Manufactures sometimes start to make products obsolete by an unavailability of parts, unable to run latest software.
