1.3.1 product/service demand Flashcards
product
goods + services that the firm provides
goods
physical or tangible products
services
non-physical/intangible products
marketing mix
the combination of the 4Ps of marketing, through which, a firm achieves its marketing objectives
4 p’s
price
product
promotion
place
design mix
- the three fundamental elements of product design that must be taken into account during the r&d stage of new product development
- this will define the characteristics of a product that allow it to meet the needs of the market and make effective use of a business’ resources
function
the good or service has to be able to fulfil the primary purpose for which the consumer purchased
aesthetics
the look/feel of the product
cost
whether or not it is possible to provide the good or service within a budget or at a cost point that will still allow the business to make a profit
social trends
- are changes to the characteristics and attitudes of society over time
- a business should be aware of social trends and be able to change the composition of its marketing mix, including its product design, to meet the needs of a changing market.
resource depletion
the use of natural resources quicker than their rate of replenishment
ethical sourcing
- morality in decision making, inferring doing what is ‘right’, when dealing with and choosing suppliers
- this can add value to a product allowing a business to charge a premium rate.
b-corp business
a global non-profit that aims to make it easier for mission-driven companies to have more of a positive impact
fairtrade
making sure all workers have a fair wage + are treated well
organic
- no artificial chemicals or pesticides on the crops/products
- less processing/no added hormones
