Topic 9.3 and 9.4: Marketing Mix and Market Research Flashcards
4 P’s
Product, Place, Promotion, Price
Promotion
how a company can make the market know that the product is now avialable
Pplace
The product will be sold and distributed, there are a wide range of options for this, therefore companies need to research which would be the most adequate
Price
Cost plus: percentage added to total cost
Demand: Price set according to demand
Product line: Set within a product line of a family product
Psychological: Setting the price so the costumer feels they are paying less
Product
From the perspective of the designer they need to know which of these will focus the best for the consumer and their needs.
Product standardization
the similar characteristics different products may have.
govt standards
Governments policies and laws can dicated and limit what the products can do.
component standards
This is where a part is standardized to all products.
industry standards
Refers to the shared standards there may be around one industry.
Market research
It can help to improve the services or systems within a product
Determining market need
This is for a product and understand the need of the user
Determining market potential
When should it be implemented and to which lifecycle
Collect demographic data
Helps understand the age, gender of the target audience
Qualitative Data
The quality or different aspects of a product, can’t be counted or given a value
Quantitative Data
This is data that can be recorded and given a value
