Marketing Mix Flashcards
Product
What are the 4ps of the marketing mix
place, price, promotion, product
4 Types of products
consumer goods, consumer service, producer goods, producer service
Consumer goods
These are goods bought by customers for their own use
Consumer service
These are services bought by customers for their own use
Procucer goods
Goods bought by other companies/ businesses to use
Producer service
Services bought by other businesses to use
Marketing Mix
It is a term used to describe all the activities that go into the marketing of a good or service
Points to consider when choosing a product
Unique selling point
Whether it satisfies the wants or needs
Its not expensive to produce
Whether it is an original idea
The quality
Development of new products
.Development of ideas
.Selection of the best ideas
.Decide whether the business will sell enough for the product to be a success
.Make a prototype
.Launth the product to an area to test the market
.Launch it to the entire market
Benefits of developing a new product
The Unique selling Point
Able to enter new markets
Able to enter existing market
Diversification
Drawbacks
The cost of market research and analysing data
The cost of the test products and the wasted materials
Damage to the brand image if the product does not meet the customer needs
lack of sales if the target market was wrong
Brand name
This is the unique name of the product that distinguishes it form the competitors’
Brand Loyalty
This is when customers keep buying from one business instead of the competitors
Brand Image
This is the image of the product that gives it peronality making it easy to distinguish from the competitors
Good branding includes
Unique packaging
Brand loyalty
Brand Image associated with consuming the product
Brand name
More quality than unbranded products
Remains the same standards ( assured quality)
