Brainscape's Knowledge GenomeTM


Top Flashcards (Certified)
All Flashcards

business > 1.3 Marketing mix and strategy > Flashcards

1.3 Marketing mix and strategy Flashcards

(62 cards)

Start Studying
1
Q

what is the marketing mix for

A

a framework for businesses to create and implement successful marketing strategies

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

4 P’s of the marketing mix

A

product
place
price
promotion

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

purpose of the design mix

A

Balancing the elements of function, aesthetics, and cost, helps the product design to be both functional and attractive, while also being cost-effective

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

components of the design mix

A

price, aesthetics, function

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

2 social changes that require changes to the design mix

A

concerns about resource depletion
concerns about ethical sourcing

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

explanation of concerns about resource depletion

A

customers aware they need to conserve natural resources
design mix will have to change to reflect this by using recycled materials and reduce waste

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

explanation of concerns about ethical sourcing

A

sourcing products without exploitation of workers or exploitation of the environment - change design mix to incorporate ethically sourced resources

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

types of promotion (7)

A

digital communications
sponsorship
public relations
advertising
direct marketing
sales promotion
personal selling

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

advertising & +/-

A

promotion through paid channels

reaches large audiences
specific brand image

can be very expensive - not cost effective
hard to measure effectiveness

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

direct marketing & +/-

A

communicating directly w/ customers through email, sms or social media

can target specific audiences
measurable performance

intrusive - seen as spam
expensive - gather potential customer info

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

sales promotions & +/-

A

encouraging purchase by providing incentives - discounts - bogof

quickly boosts sales
clears out unwanted stock

may only seek deal-seekers
lose money if discount is too severe

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

personal selling & +/-

A

when a salesperson interacts directly with customer

builds relationships
personalised advice and guidance

doesnt work with large audiences
expensive to train and commission

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

sponsorship & +/-

A

company provides financial support to team or event to receive market exposure

brand awareness
emotional connections - more likely to purchase if connected

very expensive
can provide negative publicity - scandal bad performance

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

public relations & +/-

A

building relations with public to manage reputation

better rep - customer loyalty
cheap

time consuming
difficult to measure effect

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

digital communication

A

any form of marketing that is delivered electronically

highly targeted (cookies)
increases engagement - social media ads

easily ignored
may not work with older demographic

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

3 types of branding

A

product branding
own label branding
corporate / manufacturer branding

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

corporate / manufacturer branding & +/-

A

use of a company name or logo to promote all products or services offered

strong brand reputation
economies of scale through marketing

whole rep of brand can be damaged through one mishap
if a company faces competition in one market, others may be harmed

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

product branding & +/-

A

use of unique name or design to promote a specific product

distinct identity - association with quality
can sell different products in the same market

expensive creating a different brand for each product
different levels of quality

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

own branding & +/-

A

using a retailers name to promote a good or service

product differentiation
lower prices

perceived to be lower quality

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

3 benefits of branding

A

Added Value
ability to charge premium prices
reduced ped

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

4 ways to build a brand

A

developing USPs
advertising
social media
sponsorship

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

3 types of changes of branding / promotion to reflect social trends

A

viral marketing
social media
emotional branding

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

viral marketing

A

Is a strategy where businesses use online platforms to promote their products by creating content at specific times, which can easily be shared and commented on

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

emotional branding

A

Emotional branding is a strategy where companies build strong emotional connections with their customers by appealing to their values, beliefs, and emotions

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
6 types of pricing stratergies
price skimming cost plus penetration competitive predatory psychological
26
cost plus pricing
business calculates costs of production then adds mark ups equivalent to desired profit margins - unit cost + ( markup percentage x unit cost)
27
price skimming
charging a high price for goods with a usp - then dropped when competition enters market - high prices help cover marketing and r&d
28
penetration pricing
low prices at introduction to gain market share and attract new customers - will raise price when they gain enough customers / get loyalty
29
predatory pricing
business lowers prices so much it drives competition out of market anti competitive and illegal
30
competitive pricing
sets prices based on competitors - used in highly competitive markets where firms want to maintain market share
31
psychological pricing
takes into account consumers emotions thoughts and beliefs - more inclined to buy at 9.99 than 10
32
6 factors to consider when deciding pricing stratergy
number of USPs PED Amount of comp in market strength of the brand stage in product life cycle cost and need to make a profit
33
Changes in pricing to account for social trends (2)
online sales - dynamic pricing price comparison websites - price matching
34
3 types of distribution
4 stage 3 stage 2 stage
35
components of 4 stage
producer wholesaler retailer consumer
36
components of 3 stage
producer retailer consumer high demand and high profit margins - cuts out wholesaler
37
components of 2 stage
producer consumer most common for online sold goods
38
2 changes of distribution to reflect social trends
growth of e-commerce shift from product based to service based business
39
explanation of the growth of e-commerce
online distribution become increasingly popular as it convenient drop shipping - order is received and then sent straight to consumer - producer to consumer 2 stage distribution
40
explanation of shift from product to service based business
consumers value experiences over material possessions and this shift has impacted distribution, as the delivery of services is often quite different from the delivery of physical products.
41
what is the product life cycle
the different stages a product goes through from its conception to its decline in sales
42
axis of product life cycle diagram
x - time y - sales volume
43
what are the 5 stages of the product life cycle
development introduction growth maturity decline
44
stage of product life cycle - development
focus on designing a product - high r&d costs doesnt generate revenue but marketing raises awareness
45
stage of product life cycle - introduction
when the product is launched - slow sales growth as product is relatively unknown marketing focus on raising awareness high costs for advertising, marketing and distribution
46
stage of product life cycle - growth
sales begin to increase rapidly increase production to meet demands firms want to differentiate and build loyalty
47
stage of product life cycle - maturity
slow sales growth products peak of market penetration firms want to maintain market share
48
stage of product life cycle - decline
sales begin to decline as there are better market alternatives focus on managing decline and reducing costs marketing may include reducing costs to clear out stock
49
2 extension strategies to the product life cycle
product related promotion related
50
product related extension stratergies
modifying a product to make it more appealing to customers - product improvements - new models line extensions - different versions - diet coke repositioning - changing aim/appeal of the business - north face
51
boston matrix
a tool used by businesses to analyse their product portfolio and make strategic decisions about each product
52
boston matrix components
cash cow problem child star dog
53
boston matrix - cash cow
high market share in a low growth market stable source of income - profits used for development of other goods maintain market share
54
boston matrix - problem child
low market share in a high growth market can become stars if heavily invested in or otherwise they are discontinued
55
boston matrix - star
high market share in a high growth market invests in them to maintain or increase market share builds brand recognition and increases profits
56
boston matrix - dog
low market share in low growth market end of product life cycle - little revenue and have little focus
57
4 different markets
mass market niche market business to consumer business to business
58
marketing strategies within mass markets
focus on building brand awareness and appealing to a broad audience using mass media to reach as many people as possible
59
marketing strategies within niche markets
targeting a specific segment through social media and include detailed information that is relevant to the needs of the market
60
marketing strategies for business to business markets
building relationships and demonstrating why a company may need a certain product adverts include case studies as to why a product may be needed
61
marketing strategies for business to consumer markets
advertising that appeals to emotions and thoughts creating brand loyalty and emotional association
62
3 methods to develop customer loyalty
customer service loyalty cards saver schemes

business (10 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions