Marketing Flashcards
what is and own brand product
own brand product is the product inspired by the actual product and are much cheaper
what is a branded product
A branded product is the actual real deal official product and is sold and a higher cost compared to own brands
what is field research
Field research is when you go and research yourself and is first hand information
What is desk research
Desk research is gathering info that already exists like from older news articles or on the internet and is second hand information
what is the marketing mix
The marketing mix is the 4Ps which are product price place and promotion
Describe the product development (product life cycle)
all products go through a product life cycle there are 5 stages Development,introduction,growth,maturity and Decline
describe the product life cycle
Development is when the product is being designed and tested before it’s launch to the market, introduction is the products first release into the market after the development stage,Growth is where once the product has been released the sales will be high at first and keep on rising for a good bit, maturity is when the product has reached its peak and is well established too customers,then finally the decline stage is like naturally when all the product declines and sales decrease(this is when the company will start to develop and release a new product soon
what can a business do when a product goes into decline
They could change price change promotion change packaging change name
what is high premium pricing
Use a high price strategy deliberately having their price higher than rivals.(signal to luxury or good quality product)
what is the pricing strategy Low/value price
This long term pricing strategy is when the price is set below the market price in order to attract customers
What is competitive pricing
Selling your product at a same or similar price as competitors because if a competitors price is well cheaper than yours they will go to the competitors business and not yours
What is cost plus pricing
E.g. costs £100 to make so +20 percent markup therefore charge £120 for the product this would mean that the production costs are covered and that the business are making a profit on each unit sold
what is PENETRATION pricing ⬇️🔜🆙
Penetration pricing is when a product starts off being sold at a low price and then slowly over time the selling point is increased
What is market skimming
Market skimming is when at first the product is set at a high price then prices start to fall when competition increases. Can be helpful to cover the cost of researching and designing the product
what is price discrimination
charging different consumers different prices for the same product e.g. being charged a higher price at an airport for food
