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business a level > 1.3 marketing mix and stategy > Flashcards

1.3 marketing mix and stategy Flashcards

1
Q

what is sustainability?

A
  • making something using materials which will still be around for future generations
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2
Q

what are the 5 stages in the product lifecycle?

A
  • development
  • introduction
  • growth
  • maturity
  • decline
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3
Q

what is sales and cash flow like in the development stage?

A
  • high costs
  • no sales
  • no revenue
  • no profit
  • negative cash flow
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4
Q

what is sales and cash flow like in the introduction stage?

A
  • negative cash flow
  • high costs
  • low revenue
  • no profit
  • low unit sales
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5
Q

what is sales and cash flow like in the growth stage?

A
  • increase in sales
  • decrease in costs
  • little profit
  • improving cash flow
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6
Q

what is sales and cash flow like in the maturity stage?

A
  • high cash flow
  • high sales
  • high revenue
  • low costs
  • high profit
  • little competition
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7
Q

what is sales and cash flow like in the decline stage?

A
  • decrease in sales
  • decrease in revenue
  • lower cash flow but still positive
  • decreased profit
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8
Q

what is a pricing strategy?

A
  • adopted over the medium to long term to achieve marketing objectives
  • have a significant impact on marketing strategy
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9
Q

what is cost plus pricing?

A
  • cost of unit + mark up
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10
Q

what is an advantage of cost plus pricing?

A
  • easy and straight forward
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11
Q

what are disadvantages of cost plus pricing?

A
  • there will be companies selling the product cheaper
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12
Q

what is penetration pricing?

A
  • setting a relatively low initial entry price to gain market share
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13
Q

what are advantages of penetration pricing?

A
  • increase market share
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14
Q

what is a disadvantage of penetration pricing?

A
  • it attracts people looking for low prices not customer loyalty
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15
Q

what is hook and bait pricing?

A
  • when the product is cheap but the compliments to use it are expensive
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16
Q

what is skimming?

A
  • involves setting a high price before other competitors come into the market
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17
Q

what is a disadvantage of skimming?

A
  • people may not want to buy it
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18
Q

what is discriminatory pricing?

A

-when a firm charges a different price to different groups of customers for an identical good or service, for reasons other than cost of supply

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19
Q

what are advantages of discriminatory pricing?

A
  • allows an unprofitable business to avoid going bankrupt
  • some groups benefit from cheaper prices
  • spreads out demand and avoids congestion
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20
Q

what are disadvantages of discriminatory pricing?

A
  • unfair

- decline in consumer surplus

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21
Q

what is dynamic pricing?

A
  • businesses set flexible prices for products or service based on current market demands
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22
Q

what are advantages if dynamic pricing?

A
  • can be used to boost sales

- can help increase demand

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23
Q

what are disadvantages of dynamic pricing?

A
  • reduces customer loyalty
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24
Q

what is competitive pricing ?

A
  • where competitor prices are the main influence on the price set
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25
Q

what are advantages to competitor pricing?

A
  • may be adjusted if necessary

- prices set on the basis of correct data

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26
Q

what are disadvantages of competitor pricing?

A
  • you need resources to implement it

- difficult to implement for companies with smaller revenues

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27
Q

what is psychological pricing?

A
  • using price as a way of influencing consumers behaviour or perceptions
28
Q

what is a brand?

A
  • a product that is easily distinguishable from other products so that it can be easily communicated and effectively marketed
29
Q

what is branding?

A
  • the marketing practice of creating a name symbol or design that identifies and differentiates a product from other products
30
Q

what is product branding?

A
  • gives an item an identity within the marketplace
31
Q

what can good branding allow for?

A
  • products to stand out

- engender brand loyalty

32
Q

what is a service brand?

A
  • about people who represent the organisation making a customer orientated experience
33
Q

what is an umbrella brand?

A
  • a marketing practice involving the use of a single brand name for the sale of two or more related goods
34
Q

what is an own label brand?

A
  • an item packaged and marketed under the brand name of a particular retailer, usually a large supermarket, rather than the manufacturer
35
Q

what is a global brand?

A
  • brands that are recognised throughout much of the world
36
Q

what are brand extensions?

A
  • when a business uses a brand name on a new product that has some of the brands characteristics
  • e.g mars bar and mars bar ice cream
37
Q

what is brand stretching?

A
  • where a brand is used for a diverse range of products, not necessarily connected
38
Q

what is advertising?

A
  • presents or promotes the product to the target audience through media such as TV, radio, cinema etc
39
Q

what are pros of advertising?

A
  • wide coverage
  • control of message
  • can be used to build brand loyalty
40
Q

what are cons of advertising?

A
  • often expensive
  • impersonal
  • one way communication
  • lacks flexibility
41
Q

what is sales promotion?

A
  • the process of persuading a potential customer to buy the product
  • designed to be used as a short term tactic to boost sales
  • e/g coupons, free gifts
42
Q

what are pros of sales promotion?

A
  • effective at achieving a quick boost to sales

- encourage customers to trial products

43
Q

what are cons of sales promotion?

A
  • sales effect may only be short term

- may damage brand image

44
Q

what is personal selling?

A
  • businesses use people to sell the product after meeting face to face to face with the customers
45
Q

what are pros of personal selling

A
  • high customer attention
  • message is customizable
  • persuasive impact
46
Q

what are cons of personal selling?

A
  • high costs
  • labour intensive
  • can only reach a limited amount of customers
47
Q

what is public relations/publicity/sponsorship?

A
  • where a business managers its relationships with different parts of the public
48
Q

what are pros of public relations/sponsorship?

A
  • reach a large audience
49
Q

what are cons of personal relations/sponsorship?

A
  • can damage brand image
50
Q

what is direct marketing?

A
  • a rang of promotional activities that are aimed directly at the customer, straight to target audience
51
Q

what are pros of direct marketing?

A
  • focus limited resources on targeted promotion
  • can personalise message
  • easy to measure response
  • cost effective
52
Q

what are cons of direct marketing?

A
  • response rates vary
  • ineffective campaigns can be costly
  • negative image of junk mail
53
Q

what is social media?

A
  • websites and applications that enable users to centre and share content
54
Q

what are pros of using social media?

A
  • cheap

- large audience

55
Q

why promote?

A
  • increase sales
  • attract new customers
  • encourage customer loyalty
  • encourage trials
  • remind potential customers
  • create an image
56
Q

what are the influences on promotional strategies?

A
  • stage in production
  • nature of the product
  • competition
  • marketing objectives and budget
  • target market
57
Q

what is distribution?

A
  • place of the 4 ps
58
Q

what must we take into account when choosing delivery?

A
  • perishable goods
  • costs
  • lead time
  • exchange rates (tariffs)
  • close to supplier or customers
59
Q

what are key changes in distribution?

A
  • digital distribution e.g streaming services

- online e.g amazon

60
Q

what is a retailer?

A
  • the final stage in the chain, deals directly with the customer
61
Q

what are the kinds of retailers?

A
  • multiples
  • specialist chains
  • department stores
  • convenience stores
  • independents
  • distributer
  • agents
  • franchises
62
Q

what are multiples?

A
  • chains of shops owned by a single company

- e.g. Sainsburys

63
Q

what are independents?

A
  • shop run by an owner
64
Q

what is a distributer?

A
  • sell on products and serve as a local sales point

- offer products from many producers

65
Q

what are agents?

A
  • specialist type of distributer
  • does not hold stock
  • e.g. travel, insurance
66
Q

what is a distribution channel?

A
  • moves a product through the stages from production to final consumption
67
Q

what is a wholesaler?

A
  • used by smaller retailers ]

- store mass products to be sold In bulk

business a level (24 decks)

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