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Marketing Mix And Strategy Flashcards

(82 cards)

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1
Q

4 P’s

A

Place, Price, Promotion, Product

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2
Q

Design mix

A

Aesthetics, Function, economic manufacture

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3
Q

Function element of design mix

A

Whether the item actually does what it is expected to do

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4
Q

Economic manufacture (cost) of design mix

A

Measures the ease and economy with which the item can actually be made on the scale required

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5
Q

Aesthetic element of design mix

A

Describing the look, taste, texture or feel of an item

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6
Q

Examples of product function

A

A toaster toasting bread

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7
Q

Examples of product aesthetic

A

New phone being slick and vibrant modern

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8
Q

Changes in design mix to reflect social trends

A

Environmental concerns (sustainability or waste minimisation)

Ethical sourcing (ensuring competents used are coming from ethical sources)

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9
Q

Benefits of a good design

A

Can add value
Provide point of differentation
Reduce manufacturing cost
Boost brand loyalty
Improves brand image

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10
Q

Sustainability

A

Means making something using materials that will still be available in the future perhaps because one tree is planted for everyone one that’s cut down

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11
Q

Promotion is

A

Methods used by the business to communicate information and persuade consumers to purchase a product

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12
Q

Above the line promotion

A

The use of promotional methods that are paid for in independent media

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13
Q

Below the line promotion definition

A

Advertising strategy where products are promoted in media other than tv and radio

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14
Q

Why Mahoney business use different forms of promotion

A

Reach different audiences
Costs

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15
Q

Personal selling is

A

Face to face selling techniques by which a salesperson used their skills to persuade a customer to buy

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16
Q

Public relations is

A

Attempts by a business to create publicity that is reported as news such as a glitzy launch party

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17
Q

Sales promotion is

A

use of short term campaigns to create demand for a product

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18
Q

Direct marketing is

A

Any marketing that relies on direct communication or distribution to individual consumers rather than through a third party such as mass media (promotional emails)

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19
Q

Emotional branding

A

Building brands that appeal directly to a consumers emotional state, needs and aspirations

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20
Q

Sponsorship is

A

Where a company pays to be associated with a project, person or program

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21
Q

Branding is

A

The process of creating a distinct identity for a business in the mind of your target audience

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22
Q

Branding benefits

A

Increases brand recognition
Improves customer loyalty
Positive word of mouth
Lower price sensitivity

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23
Q

Ways to build a brand

A

Advertising
USP
Sponsorship
Digital media

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24
Q

USP

A

particular feature of a product or service that no rivals provide

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25
Different types of branding
Individual (single product brands-marmite) Brand family (brand name used across a range of products-Cadbury ) Corporate brand (using the company name as a brand -nestle)
26
Benefits of using social media
Can communicate with market Cheap and easy Large potential audience
27
Viral Marketing
Word of mouth but supercharged because of social media as it offers a faster and wider way to spread recommendations
28
Benefits of viral marketing
Brand awareness and boost sales
29
Pricing strategy is
Processes and methods a business used to set prices for products and services
30
Factors affecting pricing strategy
PED and YED Demand Competition
31
Bargaining power of customers is
The concept that customers can apply pressure to vendors in order to lower prices, provide higher quality or provide better customer care.
32
4 types of price control
Cost plus (adding desired percentage onto cost per unit) Predatory (force competition out of market) Competitive (similar to competition) Psychological (below major psychological levels)
33
Competitive pricing
Company sets it’s price based off of what it’s rivals prices are
34
Advantages of competitive prices
Takes price out of equation for a buyer
35
Disadvantage of competitive pricing
Can be challenging to maintain profitability if prices are lowered according to other companies who may be better at lowering their costs
36
Price skimming
Setting price high and reducing it over time gradually targeting different layers of a market
37
Advantages of prove skimming
Maximise profits by targeting early buyers willing to pay higher price
38
Disadvantage of price skimming
Can deter other people from buying
39
Cost plus
Adding a percentage of the unit cost on to sell
40
Disadvantages of cost plus
Could lead to overpricing
41
Advantages of cost plus
Simplifies pricing decisions and allows for a profit margain
42
Loss leader
A product is sold at a lower procure to attract customers to then buy a higher priced item
43
Adv of loss leader
Increasing customer traffic and customer loyalty
44
Dis of loss leader
Short term losses if other products aren’t bought
45
Psychological pricing
Setting price just below major psychological numbers
46
Advantages of psychological pricing
Makes prices appear more affordable and encourages impulse buying
47
Disadvantage of psychological pricing
May be seen as deceptive by some customers
48
Penetration pricing
Setting a price low and then gradually increasing
49
Adv of penetration pricing
Can gain market share quickly and brand awareness
50
Disadvantages of penetration pricing
Lower profit margins in the short term
51
Place is
Where you’re business is located
52
A retailer is
Sells products directly to consumers
53
Channel of distribution is
Path goods travel through from producer to consumer
54
An agent is
55
Producer
Someone who makes the goods
56
Consumer
The end customer
57
Factors that influence a businesses choice of distribution
Target market, place, costs, product characteristics
58
A wholesaler is
Middle man who buys in bulk from manufacturers and sells in smaller sizes to retailers
59
B2B is
Business to busines
60
B2C is
Business to consumer
61
Adv of B2B
Larger order size and long term partnerships
62
Dis of B2B
Dependence on small number of clients
63
Adv of B2C
Larger Customer base, shorter sales cycles and direct interaction with end consumer
64
Dis of B2C
Higher marketing costs and greater competition
65
4 channels of distribution
direct sales, retail sales, e-commerce, and wholesale distribution.
66
Product life cycle is
Product life cycle refers to the stages that a product goes through from its introduction to its decline. These stages include R&D, introduction, growth, maturity, decline and extension
67
Growth product life cycle
Where product experiences rapid increase in awareness and sales
68
Intro product life cycle
A new product is launched into the market
69
Intro product life cycle
A new product is launched in the market
70
Maturity product life cycle
the product has reached its peak level of market acceptance. Sales stabilize, and competition intensifies. Marketing efforts focus on retaining existing customers and finding new ways to differentiate the product from competitors..
71
Decline product life cycle
Sales start to decrease, and the market becomes saturated. consider strategies like product diversification or discontinuation.
72
Extension product life cycle
Efforts are made to prolong the product's life and maintain its market relevance. This can be done through product improvements, new features, or targeting new customer segments. To try delay its entry into the decline stage.
73
Boston matrix is
A tool used by businesses to asses their product portfolio based on market share and market growth
74
Star Boston matrix
Stars in the Boston Matrix refer to products or business units that have a high market share in a rapidly growing market. They have the potential to generate significant profits and become future cash cows.
75
Dog Boston matrix
Dogs in the Boston Matrix are products or business units with low market share in a slow-growing market. They have limited potential for profitability and growth. It's important to consider whether it's worth investing resources to improve their performance or if it's better to discontinue them.
76
Cash cow Boston matrix
Cash cows in the Boston Matrix are products or business units that have a high market share in a slow-growing market. They generate consistent and significant profits, often providing the financial resources to invest in other areas of the business..
77
? Boston matrix
They have low market share in a rapidly growing market. These products or business units require careful consideration and investment to determine their potential for growth and profitability. They may become stars with the right strategies or may end up as dogs if not managed effectively.
78
Customer loyalty is
Customer loyalty is incredibly important for businesses. It refers to the level of commitment and repeat business from customers.
79
Advantages of customer loyalty
Building customer loyalty can lead to increased sales, positive word-of-mouth, and long-term success.
80
Disadvantages of customer loyalty
If a business relies to heavily on customer loyalty is can be vulnerable to competitive threats
81
Strategies to increase customer loyalty
providing exceptional customer service, offering personalized experiences, implementing loyalty programs with rewards and incentives, maintaining consistent communication with customers, seeking and responding to customer feedback, and continuously improving the quality of products or services.
82
Industrial marketing is
Industrial marketing refers to the marketing of products or services to businesses, rather than individual consumers in the business-to-business (B2B) market.

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