3.3.4 Marketing Management Flashcards
(24 cards)
What are the 7 elements of the marketing mix?
Product, Price, Place, Promotion, People, Process, Physical Environment.
Why is the 7Ps model important in marketing?
It provides a comprehensive framework for businesses to plan and execute effective marketing strategies, ensuring all aspects of the customer experience are considered.
What is product portfolio analysis?
Assessing a company’s range of products to determine performance and inform strategic decisions.
What is the Boston Matrix?
A tool that categorizes products into Stars, Cash Cows, Question Marks, and Dogs based on market share and market growth.
What are the stages of the product life cycle?
Development, Introduction, Growth, Maturity, Decline.
What are extension strategies in the product life cycle?
Techniques used to prolong the life of a product, such as rebranding, adding features, or finding new markets.
What influences new product development?
Market research, technological advancements, competitor actions, consumer needs, and available resources.
What is penetration pricing?
Setting a low initial price to attract customers and gain market share quickly.
What is price skimming?
Setting a high initial price to maximize profits from early adopters before lowering the price over time.
What factors influence pricing decisions?
Cost of production, competitor pricing, customer demand, market conditions, and overall marketing objectives.
What is the promotional mix?
A combination of promotional tools: advertising, sales promotion, public relations, personal selling, and direct marketing.
What is the value of branding in promotion?
Branding creates product recognition, builds customer loyalty, and can justify premium pricing.
How is social media used in promotion?
To engage with customers, build brand awareness, and promote products through platforms like Facebook and Instagram.
What is viral marketing?
A strategy that encourages individuals to share marketing messages, leading to rapid spread and increased exposure.
What is multi-channel distribution?
Using multiple channels, such as online and physical stores, to sell products to consumers.
What are the benefits of multi-channel distribution?
Increased customer reach, convenience, and potential for higher sales.
What does ‘People’ refer to in the marketing mix?
Employees and their interaction with customers, impacting service quality and customer satisfaction.
What is meant by ‘Process’ in the marketing mix?
The procedures and flow of activities by which services are consumed, affecting customer experience.
What is the ‘Physical Environment’ in the marketing mix?
The tangible aspects of a service, such as the physical facilities, decor, and ambiance.
Why is an integrated marketing mix important?
Ensures consistency across all marketing elements, enhancing brand coherence and effectiveness.
What factors influence an integrated marketing mix?
Product life cycle stage, Boston Matrix position, product type, marketing objectives, target market, competition, and positioning.
What is digital marketing?
Promoting products or services using digital channels, such as search engines, social media, and email.
What is e-commerce?
Buying and selling goods or services over the internet.
What are the benefits of digital marketing and e-commerce?
Broader reach, cost-effectiveness, personalized marketing, and convenience for customers.
