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Business > 1.3 - Marketing Mix and strategy > Flashcards

1.3 - Marketing Mix and strategy Flashcards

1
Q

What are the 3 elements of the design mix of a product?

A

1) Aesthetics
2) Function
3) Cost

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2
Q

3 ways design mix may change to reflect social trends.

A

1) Waste management
2) Design for re-use
3) Design for recycling

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3
Q

What is ethical sourcing?

A
  • Businesses only use suppliers that respect the environment
  • Treat their workforce well
  • Pay workers fairly
  • Provide good working environments
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4
Q

What is promotion?

A

Various forms of media to draw attention to a product and thereby gain and retain customers.

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5
Q

2 types of promotion.

A

1) Above the line
2) Below the line

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6
Q

What is a brand?

A

A distinguishing symbol, mark, logo, name that companies use to distinguish their products from others in the market.

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7
Q

What is a brand experience?

A

A brand’s action perceived by a person.

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8
Q

What is brand equity?

A

The value of a brand.

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9
Q

What is brand extension?

A

Using an existing brand name on a new product.

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10
Q

Benefits of strong branding?

A
  • Added value
  • Can charge premium prices
  • Reduced price elasticty of demand
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11
Q

Ways to build a brand.

A
  • USP’s
  • Advertising
  • Sponsorship
  • Social media
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12
Q

Changes in brand and promotion to reflect social trends.

A
  • Viral marketing
  • Social media
  • Emotional branding
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13
Q

What are the 2 types of branding?

A

1) Manufacturers brands
2) Own-label brands

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14
Q

What is manufacturers brands?

A
  • Created by manufacturers
  • Use advertising/promotion to build brand loyalty
  • Charge higher prices
  • Loyal customers
  • Repeat purchases
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15
Q

What is own-label brands?

A
  • Created by retailers
  • Good value for money
  • High profits for retailers
  • Ties consumers to retailers
  • Gives retailers bargaining power
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16
Q

What is above-the-line promotion?

A

Generally called advertising.
Reaches mass audience.

17
Q

What is below-the-line promotion?

A

Targets consumers directly.
Supports above the line.

18
Q

Emotional marketing?

A

Trys to create a bond between and product through emotional response to advertising.

19
Q

Viral marketing?

A

Refers to brand awareness through word of mouth.
Original message posted on social media.
Consumers then share and businesses don’t have to pay for message distribution.

20
Q

What is a core product?

A

The benefit of the product that makes it valuable to you.

21
Q

What is the actual product?

A

The tangible, physical product.

22
Q

What is the augmented product?

A

The non-physical part of the product, added value.

23
Q

What features of a product do businesses focus on?

A
  • Reliability
  • Quality
  • Design
  • Image
24
Q

Changes in price that reflect social trends.

A
  • Online sales
  • Price comparison sites
25
Q

Factors that influence price.

A
  • Target market
  • Customer expectations
  • Competition
  • Business objectives
  • Production costs
26
Q

What is distribution?

A

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

27
Q

3 channels of distribution

A

1) producer>wholesaler>retailer>consumer
2) producer>retailer>consumer
3) producer>consumer

28
Q

Pros and cons of manufacturer>wholesaler>retailer>consumer

A

+/ - wholesaler deals with storage of product
- sells product on to smaller companies
- employ sales team to increase sales

-/ -wholesaler will need to make profit so final price is higher
- business has less direct contact with the customer
- need to rely on promotion by the wholesaler

28
Q

Pros and cons of manufacturer>retailer>consumer

A

+/ -retailer are spread all over the country so sales can be increased
-retailer will display the product, creating an appropriate image and offering customer care

-/ -retailers will build relationship with customer
-competition between retailers may lead to lower prices for the product
-rely on retailer to display and sell the product

29
Q

Pros and cons of manufacturer>consumer

A

+/ -full control of the sales process
-direct line of feedback about what they like or don’t like in your product or service

-/ -high cost-developing and managing a sales team is expensive
-higher cost of distribution
-difficult to grow the business quickly

30
Q

Agents

A

Sell the products/services of producers in return for a commission
(often in service sectore, travel agents, insurance agents etc)

31
Q

Aims of distribution

A
  • Many customers as possible
  • Most cost-effective way
  • Make product easily available
    -Highlight exclusivity of product by controlling distribution
32
Q

Changes in distribution to reflect social trends

A
  • Online distribution
  • Home delivery
  • Changing from a product to a service
33
Q

E-commerce vs M-commerce

A
  • E-commerce refers to buying and selling of goods/services online
  • M-commerce refers to buying and selling of goods/services online via mobile device
34
Q

Stages of product lifecycle

A

1) Introduction stage - sales are low as the new idea is first introduced to the market
2) Growth stage - rapid growth in sales & profits
3) Maturity stage - tough competition means sales begin to level off
4) Extension - used by business to boost sales of a mature product
5) Decline stage - sales falling, may be some special offers but customer switching to new replacements or competitors

35
Q

Extension strategies

A
  • Repositioning the product in the market place
  • Relaunching the product
  • Aiming at a different segment
  • Making some cosmetic changes to the look and design of the product such as limited edition versions
36
Q

Boston matrix

A

A development from the product life cycle and is used when businesses have a number of products to manage. Cash cows, stars, problem children, dogs

37
Q

Business to business marketing (B2B)

A
  • Many businesses just deal with other businesses rather than consumers
  • Typically involves larger transactions
  • Suppliers need to build up closer relationships with customers
  • Focus on offering a quality product/service
  • Advertising needs to be informative rather than persuasive

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