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Business Theme 1 > 1.3 - Marketing Mix > Flashcards

1.3 - Marketing Mix Flashcards

1
Q

What is the design mix?

A

Function, Aesthetics, and economic cost

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2
Q

What is aesthetics?

A

How the product appeals to the senses

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3
Q

What is the function?

A

How the product works

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4
Q

What is the economic cost?

A

How much the product costs to make

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5
Q

What is the most important area of promotion?

A

Brand reputation
Brand awareness

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6
Q

Methods of promotion / advertising

A

TV
Social media
Sponsorships
Discounts and offers

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7
Q

What pricing strategies are good for existing products?

A

Competitive pricing
Cost-plus pricing
Psychological pricing

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8
Q

What is competitive pricing

A

Products are priced similar to their market competitors

(if the product is similar to competitors in terms of quality)

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9
Q

What is cost-plus pricing?

A

Take how much the cost of the product was and add a percentage markup.

(Need a level of USP to do this effectively because need to justify the markup in price)

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10
Q

What is psychological pricing?

A

Price just below a round number to create an illusion

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11
Q

What pricing strategies are good for new products?

A

Price skimming
Penetration pricing

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12
Q

What is price skimming?

A

Setting the price of product high at it’s release, and dropping it down as it goes through the product life cycle

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13
Q

What is penetration pricing?

A

For products with less USP, set the price below market level to gain market share.

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14
Q

What is place?

A

Where the product will be sold

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15
Q

What is distribution?

A

The process a product goes from producer to consumer

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16
Q

What is the difference between direct and indirect distribution channels?

A

Direct = producer directly to consumer

Indirect = Producer to retailer to consumer

17
Q

What are cons of direct distribution?

A

Increased staffing, storage and transportation costs

18
Q

What 2 strategies are used to assess the marketing of a business’ products

A
  1. The boston matrix
  2. Product life cycle
19
Q

What is the Boston matrix?

A
20
Q

What goes inside the Boston matrix?

A

Star, problem child, cash cow, dog

21
Q

What are the stages of the product life cycle?

A

Introduction, growth, maturity, decline

(Or extension strategies)

Business Theme 1 (8 decks)

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