2.2 Making marketing decisions Flashcards
Marketing mix
The four P’s of marketing, which are product, price, place and promotion.
Aesthetics
The visual attractiveness of something, how things appeal.
Economic manufacture
Making the product cheaply enough to make it profitable.
Extension strategy
An attempt to prolong sales of a product for the medium to long term, to prevent it from entering is decline stage.
Function
How well the product or service works for the customer; for example, are the beds comfortable at a hotel?
Product differentiation
The extent to which consumers see your product as being distinct from its rivals.
Product cycle
The theory that every product goes through the same four stages of introduction, growth, maturity and decline.
Profit margins
Profit as a percentage of the selling price.
Branding
Giving your product or service a name that helps recall and recognition, and gives a sense of personality.
E-newsletters
Regular updates on the activities of a business sent electronically to actual or potential customers.
Promotional strtegy
A medium- to long-term plan for communicating with your target customers.
Sponsorship
When companies pay to have a brand associated with an iconic individual or event.
Viral advertising
Advertising using social networking to increase sales or boost brand awareness.
Retailing
Selling products or services to customers- in this case, in a physical shop.
E-tailing
Retailing to customers through the internet, such as through an e-commerce website.
