1.3 - Marketing Mix & Strategy Flashcards
(23 cards)
What are the 4Ps of Marketing?
✅ Product – Features, design, branding
✅ Price – Competitive, premium, discount
✅ Place – Stores, online, distribution
✅ Promotion – Social media, TV, sales
What are the three key elements of the design mix?
1️⃣ Function – Does the product work well? (E.g., durable phone charger)
2️⃣ Aesthetics – How does it look & feel? (E.g., sleek Apple products)
3️⃣ Cost – Is it affordable & profitable? (E.g., budget supermarket brands)
What is the Design Mix?
The product design mix refers to the combination of elements that make up a product’s design
How are businesses adapting to social trends in product design?
1️⃣ Sustainability – Less waste, recycled materials (e.g., Superdry jackets from plastic bottles)
2️⃣ Ethical Sourcing – No exploitation, eco-friendly (e.g., Tony’s Chocolonely’s slave-free cocoa)
What is advertising in promotion?
🔹 Advertising (TV, social media, billboards)
✅ Large audience, builds brand
❌ Expensive, easy to ignore
What is direct marketing in promotion?
🔹 Direct Marketing (Emails, texts, social media ads)
✅ Personalized, measurable
❌ Can be spammy, costly to build a database
What are sales promotions in promotion?
🔹 Sales Promotions (Discounts, BOGO, free samples)
✅ Boosts sales quickly
❌ Attracts deal-seekers, lowers brand value
What is personal selling in promotion?
🔹 Personal Selling (Salespeople, one-on-one sales)
✅ Builds trust & relationships
❌ Expensive, hard to scale
Define Social Trends?
Social trends refer to changes in attitudes, behaviours and lifestyles of people
What is sponsorship in promotion?
🔹 Sponsorships (Events, teams, influencers)
✅ Increases brand visibility
❌ Costly, risky if partner gets bad press
What is public relations in promotion?
🔹 Public Relations (PR - Managing reputation)
✅ Builds trust, credibility
❌ Hard to measure success, takes time
What is digital communication in promotion?
🔹 Digital Communication (Social media, SEO, apps)
✅ Targeted, real-time engagement
❌ Requires tech investment, privacy regulations
What is Promotion?
Promotion is an important element of the marketing mix as it plays a crucial role in generating customer awareness, interest and desire for a product/service
What are the different types of branding?
Corporate Branding
Product Branding
Own Brand
What is corporate branding?
🏢 Corporate Branding (Company name for all products – e.g., Apple, Nike)
✅ Strong reputation, easier product launches
❌ Bad press affects all products
What is Branding?
Branding is the process of creating a unique and identifiable name, design, symbol, or other feature that differentiates a product or company from its competitors
What is product branding?
🍫 Product Branding (Each product has its own identity – e.g., KitKat, Coke)
✅ Helps differentiation
❌ Expensive to promote each product separately
What is own brand branding?
🏪 Own Brand (Retailer’s brand – e.g., Tesco Finest, ASDA Basics)
✅ Cheaper, exclusive to store
❌ May be seen as lower quality
Why is strong branding important?
✔ Added Value – Customers see it as high quality
✔ Charge Premium Prices – Customers pay more
✔ Customer Loyalty – Builds long-term buyers
✔ Reduced Price Sensitivity – Customers still buy if prices rise
What strategies do businesses use to build a brand?
💡 USPs – Unique features that stand out
📢 Advertising – Emotional connection, brand awareness
🏆 Sponsorships – Align with positive values (e.g., Nike & the Olympics)
📲 Social Media – Build a community & engage customers
How are businesses adapting branding to social trends?
📢 Viral Marketing – Creating shareable online content (e.g., Coca-Cola’s COVID campaign)
📱 Social Media – Using TikTok, Instagram, influencer marketing
💖 Emotional Branding – Connecting with customer values (e.g., Patagonia’s eco-friendly focus)
What is Emotional Branding?
*Emotional branding is a strategy where companies build strong emotional connections with their customers by appealing to their values, beliefs, and emotions
What is the Marketing Mix?
The marketing mix (4Ps of marketing) provides a framework for businesses to create and implement successful marketing strategies
