(WIP) Section 3.2 - The marketing mix Flashcards
(16 cards)
Marketing mix definition
The combination of tactics used by a business to sell its products to achieve marketing objectives
What are the 7 Ps
(marketing objectives)
Product, price, promotion, place, people, process, physical evidence
Product definition
The goods or services supplied by a business
Goods definition
Physical objects sold by a business
Services definition
Activites a business caries out for its customers
Products may be categorised as industrial or consumer. What do these terms mean
Industrial products - sold to other businesses
AKA B2B (business to business)
Consumer products - sold to the general public
AKA B2C (business to consumer)
Product portfolio definition
The combination of products supplied by a business
Boston Matrix definition
Analysing the product portfolio of a business in terms of their market share and growth of their market
They include Star, Cash cow, Problem child (or ?) and dog products
What do Star products have on the boston matrix
High market share in a high market growth
What do Cash cow products have on the boston matrix
High market share in a low market growth
What do problem child (or ?) products have on the boston matrix
Low market share in a high market growth
What do dog products have on the boston matrix
Low market share in a low growth market
Product life cycle definition
Shows the sales of a product over time, suually through the following stages:
- Research and Development
- Introduction
- Growth
- Maturity
- Decline
What are the 5 stages of the product life cycle
- Research and Development
- Introduction
- Growth
- Maturity
- Decline
Extension strategies definition
a way of extending the life of a product
inc. changing the product and/or packaging, new advertising campaigns, promotional offers etc
