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Business Flash Cards > 1.3 Design Branding Promoion > Flashcards

1.3 Design Branding Promoion Flashcards

1
Q

What will designers take into account when creating a new product

A

Shape and appearance
Whether it fits the intend need
How easily and cost effectively it can be made
Materials to be used
Image of the final product
What it says about the business

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2
Q

What does the design mix contain i

A

Aesthetics, function and economics manufacture

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3
Q

Business Ethics

A

Honesty
Avoid conflicts
Compliance
Relevant information
Law abiding
Fulfilling commitments

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4
Q

How a business might promote their ideas

A

Telling customers about a new product
Reminding customers about an existing product
Reaching a new target audience
Reassuring customers about a product
Showing customers that rival products are not as good
Improving or developing the image of the business

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5
Q

Types of advertising

A

Above the line and below the line

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6
Q

Definition of Above the line promotion

A

Advertising products in the media

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7
Q

Definition of Informative (above the line promotion)

A

Increasing awareness

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8
Q

Definition of Persuasive (above the line promotion)

A

Pressure to buy a product

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9
Q

Definition of Reassuring (above the line promotion)

A

Aimed at existing customers to suggest the brought the right product

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10
Q

Definition of Below the line promotion

A

Any type of promotions which does not involve advertising
E.g. public relations, merchandising and packaging, direct mailing, direct selling and exhibitions and trade fairs

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11
Q

Definition of manufacturers brands

A

Brands created by the producer of he good or service

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12
Q

Definition of own label brands

A

Manufactured for retailers but have the retailers name on it

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13
Q

Definition of Generic brands

A

Products which only have the name of the product on it

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14
Q

Benefits of a strong brand

A

Added value
Premium prices
Reduced PED

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15
Q

Definition of Price

A

The amount that customer has to pay in order to have access to or acquire a good or service

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16
Q

Different types of pricing strategies

A

Penetration pricing
Competitor pricing
Predatory pricing
Psychological pricing
Price skimming
Loss leader
Cost plus pricing
Discrimination pricing

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17
Q

Definition of Penetration pricing

A

Price is set lower in order to gain market share

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18
Q

Definition of Competitor pricing

A

Price matching to your nearest competitor

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19
Q

Definition of Predatory pricing

A

Sustaining low price to drive competitors out of the market

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20
Q

Definition of Psychological pricing

A

Pricing an item to make it appear better value
E.g. 99p instead of £1

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21
Q

Definition of Price skimming

A

Price is set gig usually at launch to maximise profits

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22
Q

Definition of Loss leader

A

Price is set below the cost as a way of attracting customers

23
Q

Definition of Cost plus pricing

A

A percentage mark up is added to unit cost of production of an item

24
Q

Definition of Discrimination pricing

A

Charging different price to different customers for the same item

25
Q

Factors affecting pricing decisions

A

Differentiation and USP
PED
Competition
Branding
Stage of the product life cycle

26
Q

Definition of Distribution

A

The way in which something is shared between a group of people

27
Q

Different marketing channels

A

Direct
Retail
Wholesale
Agent

28
Q

Direct channel

A

Producer -> consumer

29
Q

Retail channel

A

Producer -> Retailer -> consumers

30
Q

Wholesale channel

A

Producer -> Wholesaler -> Retailer -> Consumers

31
Q

Agent channel

A

Producer -> agent/broker -> wholesaler -> retailer -> consumer

32
Q

Definition of Product Lifecycle

A

A process a product goes through in terms of being created, advertised, sold and then removed from the market

33
Q

What are the stages of the product life cycle

A

R&D, introduction, growth, maturity, extension strategies and decline

34
Q

Definition of Launch

A

Product is put on sale for the first time

35
Q

Definition of Saturation

A

Product may now start to face challenges from competitors

36
Q

Definition of Maturity

A

Sales have hit a peak and the business may start looking at new ways of developing the product

37
Q

Definition of Development

A

Product is not on sale, product is being tested and refined, production process is being designed

38
Q

Definition of Growth

A

Sales begin to expand as word of mouth creates customer awareness

39
Q

Definition of Decline

A

Sales fall sharply as competitors provide better rival products

40
Q

Definition of Extension Strategies

A

Lengthening the life of a product in the market

41
Q

Examples of extension strategies

A

More simple:
Lowering prices
Increasing advertising
More complex:
Changing the name
Changing the logo
Creating a new promotional campaign
Modifying the look
Introducing new varieties

42
Q

What is the aim of extension strategies

A

To simulate interest again or make the product appeal to a different market segment

43
Q

Definition of Differentiation

A

Products that stand out/different/better than competition

44
Q

Methods of Differentiation

A

Unique functions
Unique style or design
Create and use a distinctive brand name
Provide consistently excellent customer service
Ensure the product is made to a high quality

45
Q

Definition of Product Portfolio

A

Every product that a business has/owns

46
Q

Definition of Product range

A

Every type of product a business owns in one section of their portfolio

47
Q

Boston Matrix

A

Star - higher market growth, high racket share
Question mark/problem child - high market growth, high market share
Cash cow - low market growth, high market share
Dog - low market growth, low market share

48
Q

What are the 4Ps of the marketing mix

A

Price, product, place and promotion

49
Q

Definition of Marketing strategies

A

A set of plans to meet a marketing objective

50
Q

What does B2B stand for

A

Business to business
Businesses sell to other businesses

51
Q

What does B2C stand for

A

Business to Consumer
Businesses sell directly to consumers

52
Q

Definition of Outbound Marketing

A

directly marketing at potential customers whether they are expecting it or not
E.g. emails, telemarketing, target adverts etc
Often more expensive then inbound

53
Q

Definition of Inbound Leads

A

Attracting potential customers to the websites when they are looking for suppliers or a solution to a problem
E.g. Blogging, social media marketing, search engine optimisation, free e-books, video marketing, target email marketing

Business Flash Cards (19 decks)

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