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A-Level Business > 1.3- Marketing Mix And Strategy > Flashcards

1.3- Marketing Mix And Strategy Flashcards

1
Q

What is distribution?

A

The process of getting the right product or service to the consumer in the right place.

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2
Q

What are the ‘4 stages’ of distribution?

A
  1. Manufacturer
  2. Wholesaler
  3. Retailer
  4. Consumer
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3
Q

What are the ‘3 stages’ of distribution?

A
  1. Manufacturer
  2. Retailer
  3. Consumer
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4
Q

What are the ‘2 stages’ of distribution?

A
  1. Manufacturer
  2. Consumer
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5
Q

What are 3 advantages of online distribution?

A
  • Main benefit is so niche products can reach a wider audience.
  • Easy for people.
  • Allows for international customers.
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6
Q

What is the idea of changing from product to service?

A

The concept that you do not have to own something to be able to use it (e.g music).

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7
Q

What are the 4 factors that affect the methods used to get products to customers?

A
  • Nature of products (e.g medicines sold in pharmacy).
  • The market.
  • Nature of the business.
  • Size of the business.
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8
Q

What is marketing?

A

The management process of identifying, anticipating and satisfying customer demands for profit.

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9
Q

What is marketing strategy?

A

The methods used by a business to achieve their marketing objectives.

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10
Q

What are the 5 stages of the product life cycle?

A
  1. Development
  2. Introduction
  3. Growth
  4. Maturity
  5. Decline
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11
Q

What happens during the introduction stage of a product?

A
  • Involves high costs in research and development.
  • Sales will be low.
  • Trying to advertise the product will be priority.
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12
Q

What happens during the growth phase of a product?

A
  • Enjoying rapid growth in sales and profits.
  • Demand is high.
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13
Q

What happens during the maturity phase of a product?

A
  • Facing intense competition.
  • Everyone has already brought it.
  • Sales are high but profits are in decline.
  • Prices may lower.
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14
Q

What happens during the decline phase of a product?

A
  • Limited in production.
  • Product may be withdrawn from sales.
  • May heavily discount to get any last sales.
  • There is a trend towards more disposable items rather than fixable ones.
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15
Q

What are 2 extension strategies used on products?

A
  • Change the product (e.g Coca Cola Zero).
  • Change the promotion (rebranding)
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16
Q

What is a product portfolio?

A

The collection of all the products and services offered by a company.

17
Q

What is the Boston Matrix?

A

It is a marketing planning tool hitch helps managers to plan for a balanced product portfolio.

18
Q

What are the 4 parts of the Boston Matrix?

A
  • Star Products.
  • Question Mark.
  • Cash Cow.
  • Dog.
19
Q

What are the features of Star Products?

A
  • High market share.
  • In a high growth share.
  • If managed correctly, stars should become cash cows.
20
Q

What are the features of question mark products?

A
  • Low market share.
  • In high growth market.
  • Potential to become stars if managed correctly.
  • Need lot’s of investments in marketing and promotion.
21
Q

What are the features of Cash Cow products?

A
  • High market share.
  • In low growth share.
  • Good sellers and need little to no investments.
  • “Milked for cash”.
  • Need monitoring in case they become dogs.
22
Q

What are the features of a dog product?

A
  • Low market share.
  • In low growth market.
  • Require no investment as they are in the decline stage.
  • May have become obsolete or replaced.
  • May consider discontinuing the product.
23
Q

What are the uses of the Boston Matrix?

A
  • Good starting point when reviewing an existing product line to decide future strategy’s.
  • Question marks reveal themselves as either dogs or stars and Cash Cows become so drained of finance that they turn into dogs.
24
Q

What are the Limitations of the Boston Matrix?

A
  • Products may not be low or high market share they could be medium.
  • Many people argue this Matrix is too simple.

A-Level Business (11 decks)

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