Marketing Strategies Flashcards
(25 cards)
What is Positioning?
Positioning is the image that the business wishes to create for itself, for example, Coca-Cola drink carries with it an image of youthfulness, fun, enjoyment.
What is Penetration pricing?
Occurs when the business sets the price of the product below the price of competitors, making its product more attractive
What is the problem with Penetration pricing?
The problem with this pricing strategy is that losses are likely to result
What are Price Points?
Is a pricing strategy where a business sets different prices for similar products
An example of Price Points?
Car Lovers car wash offers its customers’ three different possible washes for their car - as the price goes up one or two additional features such as foaming wax are added to the wash
What is Market Skimming Pricing?
Market skimming is where a high price is set for innovative product during introductory stage of its life cycle
What is Price and Quality Interaction?
People associate product price with its quality, More expensive goods are perceived as of higher quality which may not always be true
What is Personal Selling?
Personal selling involves the activities of a sales representative directed to a customer in an attempt to make a sale
What are Publicity and Public relations?
Publicity is free news in the media
Public relations are those activities aimed at creating and maintaining favourable relations between a business and its customers
What is Relationship Marketing?
Relationship marketing is the process of building and maintaining long-term relationships with customers
What is Sales promotion?
Sales promotions use direct methods to induce customers to purchase the business’s products such as free samples
What is the Communication process?
Often customers may be more willing to purchase a product if the message comes from an opinion leader (e.g. Celebrity)
What are PLACE strategies?
The PLACE element of the marketing mix is primarily concerned with how a business’s products will reach its customers
What are Distribution channels?
Distribution channels are the channels (or routes) by which a product is moved from the place of manufacture (The product’s place of origin) to the consumer (The products final user)
What is Distribution Density?
Distribution intensity refers to the number of locations through which a business sells its product
What are the three types of distribution intensities?
Intensive distribution, Selective distribution and Exclusive distribution
What is Intensive distribution?
Occurs when the product is readily available to a wide selection of stores or locations
What is Selective Distribution?
Involves the limited number of stores/locations to sell or distribute a product
What is Exclusive Distribution?
Limits the supply of products to particular stores or outlets
What is Physical Distribution?
Physical distribution is all those activities concerned with the efficient movement of the products from the producer to the customer
What is WIT?
Warehousing, Inventory and Transport
What is Global Branding?
Global branding is the worldwide use of a: Name, Logo, Term and Symbol
What is Standardisation (In a Global marketing context)?
A standardized approach assumes that the way a product is used, and the needs it satisfies are the same the world over
What is Customisation?
A customised approach assumes that they way a product is used and the needs that it satisfies are different from one country to another
