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business year 1 > 1.3 marketing mix > Flashcards

1.3 marketing mix Flashcards

1
Q

What is the marketing mix?

A

Product
Price
Place
Promotion

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2
Q

What is the design mix?

A

Functions - purpose
Aesthetics - appeal
Costs - affects price point

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3
Q

What are two current changes in the design mix to reflect social trends?

A

Changes as a concern due to resource depletion

Changes about ethical sourcing

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4
Q

What is promotion?

A

This is a crucial role in generating customer awareness, interest and desire

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5
Q

What are the types of promotion?

A

Digital communications
Sponsorship
Public relations
Advertising
Sales promotion

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6
Q

What are the types of branding and definition ?

A

Product branding - unique name eg coca cola
Own brand product - retailers name
Manufacturer branding - compant name or logo eg nestle

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7
Q

Advantages of corporate branding ?

A

Strong brand recognition
Leverage existing reputation
Economies of scale

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8
Q

Disadvantages of Corporate Branding

A
  • If a company’s reputation is damaged by a product it can have a negative impact on all the products offered under that brand
  • If the company faces intense competition in one market 9e.g smartphones), it may affect the sales of all the products offered across other markets (e.g laptops and desktops)
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9
Q

Advantages and disadvantges of product branding?

A

Distinct identity
Market different products to different segments of the market
Customer loyalty

Create a new brand for each product
Might not satisfy consumers

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10
Q

The Advantages & Disadvantages of Own Brand Products ?

A

Advantages
- retailers differentiate themselves
- lower costs
- loyalty as products are exclusive

Disadvanatges
- lower perceived quality

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11
Q

How do you build a brand?

A

By developing unique selling points (USPs)
Through advertising
Through sponsorship
Through the use of social media

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12
Q

What are the changes in branding to reflect social trends?

A

viral marketing, the use of social media, and emotional branding

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13
Q

What is cost plus pricing ?

A

The business calculates the cost of production and then adds a markup to determine the final price

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14
Q

What is price skimming?

A

The business sets a high price for a new product/service when it is first introduced to the market

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15
Q

What is this pricing strategy when they set a low price on introduction?

A

Penetration

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16
Q

What is predatory pricing?

A

The business sets prices so low that it drives its competitors out of the market

17
Q

What is competitive pricing?

A

The business sets its prices based on its competitors’ prices

18
Q

What is psychological pricing?

A

This pricing strategy takes into account the customer’s emotions, beliefs, and attitudes towards the product/service

19
Q

What factors influence the choice of pricing ?

A

usp
ped
competition
strength of brand
stages in prodict life cycle
costs and need to make a product

20
Q

What are the changes to be made to account for social trends?

A

Online sales
Price comparison sites

21
Q

What is distribution channels?

A

various intermediaries through which goods/services move from the manufacturer to the end customer

22
Q

What is a four stage distribution and who uses it ?

A

A traditional channel consists of four stages: producer, wholesaler, retailer, and consumer

This channel is commonly used for products such as groceries, clothing, and electronics

23
Q

What is 3 stage distribution and who uses t?

A

producer, retailer, consumer

This channel is often used for products with high demand or where the cost of distribution is high

24
Q

what is 2 stage distribution and who uses it ?

A

manufacturer to consumer

This channel is commonly used for products that are sold online or through direct sales channels

25
Q

What are the changes to distribution to reflect social trends?

A

Ecommerce
Shift from product based business to servece based

26
Q

What are the stages of the product life cycle and what occurs?

A

development - design
introduction - launch + slow growth
growth - increase in sales
maturity - slowing sales as product reaches peak
decline - product becomes obsolete

27
Q

What is an extension strategy and why have one ?

A

extend the life of a product beyond its natural life cycle

designed to boost sales and maintain profitability for a product that has reached the decline stage of its life cycle

28
Q

What are the 2 types of extension strategy?

A

Product-related extension strategies
Promotion-related extension strategies

29
Q

What is product related extenstion strategy and how is it achieved ?

A

Involves changing or modifying the product to make it more appealing to customers and extend its life cycle

Improvements
Line extensions eg coke zero and diet coke
Repositioning

30
Q

What is promotion related strategies and how is it achieved?

A

Involves changing the marketing and promotion of the product to extend its life cycle

advertising
price promotions
sales promotions

31
Q

What is the boston matrix?

A

tool to analyse their product portfolio and make strategic decisions about each product

32
Q

what does the boston matrix consist of ?

A

Cash cow - high m.s low growth
Dog - low m.s low g.r
Question mark - low m.s high g.g
Star - high m.s low g.r

33
Q

What is the marketing strategy for mass markets ?

A

Advertising campaigns, tv, radio, ads

34
Q

What is B2B marketing?

A

Focuses on selling products to other businesses e.g. software companies selling to other businesses

35
Q

What is B2C ?

A

B2C marketing focuses on selling products/services directly to consumers e.g clothing retailers to build brand loyalty and creating a positive customer experience

36
Q

How can businesses develop customer loyalty?

A

Customer serive
Loyalty cards
Saver schemes

business year 1 (10 decks)

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