1.3 marketing mix and strategy

Question 1

what is the Marketing mix

Answer 1

The general approach to marketing used by a business.

Question 2

What are the 4 ps

Answer 2

Product - what kind of product is it
Price - how much are you selling it for
Place - where can u find it
Promotion - how is it going to be advertise

Question 3

Mass market strategies

Answer 3

Choice between a wider or niche audience

BEN - higher distribution levels and a degree of influence of pricing within the market

Question 4

Niche market strategies

Answer 4

It gives companies a better understanding of products and customers
BEN - meet customer needs better and higher prices

Question 5

Business to consumer strategies

Answer 5

hitting all areas of the marketing mix ensuring consumers are getting the product they want and gaining loyalty

Question 6

Business to Business strategies

Answer 6

Businesses look for the characteristics of products - focusing mainly on the price and reliability of products

Question 7

define Market strategy

Answer 7

The general approach to marketing within a business

Question 8

Portfolio and boston matrix

Answer 8

Businesses which sell a variety of products which make up their portfolio - the Boston matrix is a key tool for analysing the success of products in terms of market share and growth.

Question 9

Problem child -

Answer 9

rapid growing markets - low market share high growth

Question 10

Rising star

Answer 10

Rapid growing markets - high share high growth

Question 11

Dogs

Answer 11

usually killed off products.- low share and growth

Question 12

Cash cows

Answer 12

Stable markets and sell essential items - low growth high share

Question 13

define Product life cycle

Answer 13

Is a pattern of sales overtime that most products tend to follow

Question 14

The four stages of product life cycle

Answer 14

Introduction - low slow rising sales
Growth - sales begin to rise
Maturity - growth stabilises and sales reach highest level
Decline - sales phase - usually when extension strategy is used

Question 15

Define extension strategy

Answer 15

A medium to long term plan for extending the life cycle of a product

Question 16

Extension strategy examples

Answer 16

Adding extra functions features
Changing materials used
Launching different variants
Targeting new demographic/market

Question 17

define Distribution channel

Answer 17

the route products take from produce to consumer

Question 18

define Intermediaries

Answer 18

The businesses relationships between the product and consumer in distribution channels - e.g retailers

Question 19

first channel - traditional physical sale channel

Answer 19

producer - wholesaler - retailer - consumer

Pushes up selling prices but helps smaller firms reach wider distribution

Question 20

second channel - direct to retailer/being your own retailer

Answer 20

Producer - retailer - consumer
producers either sell products in bulk to retailers or be your own and have complete control on the way they are sold.
This could be online retail through e-commerce platforms or direct online retail which involves creating your own website and selling through that

Question 21

3rd channel - producer - consumer

Answer 21

producer - consumer

selling products straight from warehouses - e.g Costco

Question 22

Changes in distribution reflecting social trends

Answer 22

Online: online retailer has allowed many smaller firms to sell to a world wide larger audience
Services: some businesses can only distribute in person - e.g hairdressing