1.3 Marketing Mix and Strategy Flashcards
Promotion
Strategies which make the consumer awae of the existence of a product
Above the Line Promotion
Media
Below the Line Promotion
Branding, merchandising, sales, promotion, public relations direct selling, packaging
Market Mix
Successful marketing recquires fully integrated: product, price, promotion, place
The Design Mix
Aesthetics, function, cost
Viral Marketing
Company uploads ad which encourages people to past on the message + interact with it
Social Media
Consumers read blogs which influence whether to purchase a product or not
Emotional Branding
Branding to appeal to customers emotional state, needs + aspirations
Own Label Branding
Products manufactured for retailers to sell under their own name
Generic Brands
Products which contain the name of the product
Product Life Cycle
Development, introduction, growth, maturity, saturation, decline
Extension Strategies
Ways to increase product life time
Cost Plus Pricing
Price charged is a mark up of unit costs per unit
Price Skimming
Release at high price and decrease
Predatory Pricing
Set price lower than rivals and keep decreasing until they can no longer continue
