1.3 marketing mix and strategy Flashcards

1
Q

In the Boston matrix what is Dog ?

A

Low market share/low growth market

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2
Q

In the Boston matrix what is a question mark ?

A

Low market share/high growth market

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3
Q

In the Boston matrix what is Star?

A

High market share/high growth market

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4
Q

In the Boston matrix what is Cash cow?

A

High market share/low growth market

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5
Q

Name the 6 main promotional methods

A

-Social media
-Product placement
-Sponsorship
-Public relations
-Sales promotion
-Advertising

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6
Q

Why is choice of advertising platform important ? (2 points)

A

-To make sure adverts have the maximum impact
-To make sure the business reaches the right target market

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7
Q

What are the 3 main elements of the design mix ?

A

-Function
-Aesthetic
-Cost

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8
Q

What is PR ?

A

-(Public Relations) involves the managing of spreading information about a business
-e.g the use of newspaper editorials

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9
Q

Give examples of sales promotions (6)

A

-Point of sales displays
-Value for money offers (Buy 1 get one free)
-Samples
-Discount coupons
-Free gifts
-Competitions

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10
Q

What is the promotional mix ?

A

The promotional mix is the combination of differently promotional methods that a business uses.
-e.g a business may advertise largly through a T.V, but also do some social media advertising

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11
Q

What are the 5 main factors influencing the promotional mix ?

A

-Competitor actions
-The nature of the product or service
- Target market
-Nature of the market
-Finance available

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12
Q

What are the 4 key factors that influence a businesses pricing decisions ?

A

-Costs
-Product life cycle
-Nature of product
-Degree of competition

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13
Q

Price skimming definition
Why is it used ?

A

-Price skimming is a method where a business sets a high initial price then gradually lowers it over time.
-It is used to try a and maximise revenue

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14
Q

+ and - of Price skimming

A

+ can help recover the costs of research and development stage of the product
- Can slow down the growth of the product which can give competitors more time to launch their product/service

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15
Q

Price penetration definition

A

Price penetration is where a business tries to increase market share by offering a low initial price.

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16
Q

Loss leader definition

A

Loss leaders are products/services that are sold by a business at a price where the business makes a loss.

average revenue<average price

17
Q

Cost plus pricing definition

A

Where a business charges the customer service based what it costs to produce the product or service.

18
Q

Competitive pricing definition

A

when a business sets its prices for products/services based on what other businesses in the market are charging

19
Q

disadvantages of behaving ethically

A

-cost increase
-may lead to selling price increase
-reducing competitiveness

20
Q

advantages of behaving ethically

A

-increase in brand reputation
-could create USP

21
Q

what is a distribution channel ?

A

a way in which a business can distribute their product

22
Q

name 3 distribution channels

A
  • manufacturer-wholesaler-retailer-costumer
    -manufacturer-retailer-costumer
    -direct-consumer
23
Q

wholesaler drawback

A

-businesses have less interaction with customers - can lead to worse customer service
-they take a cut of business profits

24
Q

what do wholesalers do ?

A

wholesalers sell products in bulk to a network and then retailers sell the products to customers

25
Q

wholesaler advantages

A

-large network of buyers
-businesses can reach a lot of customers quickly

26
Q

retailer definition

A

a shop that sells directly to the customer in small quantities

27
Q

features of direct to customer distribution channels + -

A

+technological advances have made it easier
-not as easy to reach consumers as when using a wholesaler

28
Q

what are the 6 stages of the product life cycle

A

-research and development
-introduction
-growth
-maturity
-saturation
-decline

29
Q

4 main extension strategies

A

-advertising
-changing the market
-adding more features
-update packaging or rebranding

30
Q

factors influencing decision on the marketing mix (4)

A

-business marketing objectives
-target market
-the presence and size of competitors
-the type of product

31
Q

methods that will help build customer loyalty (3)

A

-good customer service
-loyalty schemes
-a strong brand

32
Q

name the 4 p’s

A

-product
-price
-place
-promotion