1.3 Marketing mix and strategy Flashcards
What three things make up the design mix?
- Function
- Aesthetics
- Cost
What is a product?
Anything that is capable of satisfying customer needs
What is the role of good product design?
Contributes to its usefulness as well as its looks
What is function?
How effectively a product works:
- Does it do what it needs to do?
- Is the product reliable?
What is aesthetic?
How the product appeals to subjective views of customers in terms of how it looks, feels and smells
What is economic manufacture?
Can the product be made and sold profitably?
What are the benefits of emphasising function in the design mix?
- Longer product life cycle
- More predictable and stable demand
- Build reputation for quality based on reliability
What are the benefits of emphasising aesthetics in the design mix?
- High added value
- Demand fuelled by customer aspiration
What is promotion?
Promotion is a way a business makes its products known to its current and potential customers
What are 5 types of promotion?
- Personal selling
- Direct marketing
- Advertising
- Public relations
- Sponsorship
Give one advantage and disadvantage for personal selling
Adv - High customer attention
Dis - High cost
Give one advantage and disadvantage for direct marketing
Adv - Can personalise the marketing message
Dis - Response rate can vary massively
Give one advantage and disadvantage for advertising
Adv - Wide coverage
Dis - Often expensive
Give one advantage and disadvantage for public relations
Adv - Can reach a large audience
Dis - Results not guaranteed
Give one advantage and disadvantage for sponsorship
Adv - Can build brand awareness
Dis - Difficult to stand out if theirs several sponsors
