Marketing Flashcards
(19 cards)
Long term pricing strategies
- Low price
- Market price
- High (premium) price
Short term pricing strategies
- Market skimming
- Penetration pricing
- Destroyer pricing
- Promotional pricing
- Discriminatory / demand orientated
Extension strategies for the product lifecycle
- Introduce new varieties
- Find new markets for existing products
- Change the price
- Update the product
- Change the place / channel of distribution
- Modify the products design or packaging
- New advertising campaign
Stages of the product lifecycle
- Development
- Introduction
- Growth
- Maturity
- Saturation
- Decline
What is the role of marketing?
- Attract attention and create interest
- Identify, anticipate and satisfy customer needs
- create brand image, create interest
- Ensure awareness of goods
Product Orientation
When a business focuses on the production process and seeks to make superior goods
Focuses on how to make the product rather than how to sell it
Market Orientation
Starts with the consumer and looks at consumer needs.
. Places a high importance on the use of marketing activities to satisfy consumers rather than relying on the quality of the product
Desk research advantages and disadvantages
ADVANTAGES
- Information is readily available therefore quick to access
- Its valuable as it cost effective (cheaper)
- Valuable because it gives organisations an idea of the general business enviroment
DISADVANTAGES
- May be out of date or inaccurate
- May not be specific to your research
- Unreliable
- May be biased
Field research advantages and disadvantages
ADVANTAGES
- Valuable as it has been gathered for a specific purpose
- Will be up to date
- Reliable
- Can return to ask further research / clarification.
DISADVANTAGES
- Can be expensive
- Time consuming
Characteristics of high quality information
TAAACCCO
- Timely
- Accurate
- Available
- Accurate
- Complete
- Concise
- Cost effective
- Objective
What are the 3 types of sampling?
Random, Quota, Stratified
What are the 7 P’s of marketing
Product, Price, Place, Promotion, Process, People, Physical evidence
Advantages and disadvantages of a product portfolio
- Increased profits
- Increased brand awareness
- Easier to launch new products
- Spread risk
- Meets many needs
- High advertising costs
- Research and development can be expensive
- One bad product can tarnish entire folio
Advantages and disadvantages of branding
- Premium price can be charged
- high quality associated
- Brand loyalty built up
- Easy to launch new products
- Copycats
- High advertising and promotion costs
- One bad product can tarnish
Examples of out of the pipeline promotions
BOGOF, Sales Offers, Competitions, free products, samples, loyalty schemes
Examples of into the pipeline promotions
Dealer loaders,Credit Facilities, Staff training
Advantages and Disadvantages of target marketing
- Improved consumer satisfaction
- Improved consumer loyalty
- New sales opportunities
- Improved service, assistance or profits
- Improved market share
- Decreased wastage
- Less chance of failure
- Increased cost
- Complicated to manage`
What is a niche market?
When a firm concentrates on selling to a specific market segment. Niche markets are normally very small but can be highly profitable, they know the customer needs well.
Advantages and Disadvantages of niche markets
- Niche markets can be overlooked
- Gain competitive advantage
- If successful larger competition may enter
- Niche markets are smaller and may suffer more frequent swings in consumer spending
