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business > 1.3 marketing mix and strategy > Flashcards

1.3 marketing mix and strategy Flashcards

1
Q

what is the design mix

A

a tool to help businesses weigh up a balance of aesthetics, function and cost

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2
Q

what are the main features of the design mix

A
  • functions
  • aesthetics
  • cost
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3
Q

what is aesthetics in the design mix

A

refers to the design, style and appearance of a product, makes products desirable

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4
Q

what is cost in the design mix

A

combines all production costs of a product, specifically the cost per unit

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5
Q

what is function in the design mix

A

refers to all the benefits that a product/ service provides, includes how well a product meets a need or solves the problem which it intended to

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6
Q

resource depletion : what is waste minimisation

A

reducing the amount of raw materials used

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7
Q

resource depletion : what is re-use

A

reusing your own business waste can reduce your costs as you won’t need to buy raw materials or pay to dispose of the waste

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8
Q

resource depletion : what is recycling

A

the process of turning collected materials into new products

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9
Q

how are products designed to meet social trends

A

social trends are more environmentally focused and want a business to be sustainable, to do this they could design products for:

  • waste-minimisation
  • re-use
  • products that are recycled
  • ethically sourced products
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10
Q

what are the benefits of adapting designs to changes in social trends

A
  • reducing waste helps businesses cut costs
  • reflecting social trends through product design means they are more likely to sell in large quantities
  • social trends can be used as a USP to differentiate products and services
  • attending to social trends means businesses are more likely to be seen as being socially responsible
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11
Q

what is above the line promotion

A

involves any form of advertising through the media e.g. television, media, internet

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12
Q

what is below the line promotion

A

includes any type of promotion that are not advertising e.g. merchandising, money-off deals

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13
Q

what are the types of branding

A
  • USP
  • advertising
  • sponsorship
  • social media
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14
Q

what is the importance of strong branding

A
  • adds value
  • allows premium price to be charged
  • builds trust
  • makes products recognisable
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15
Q

what are the types of brand

A
  • manufacturers brands
  • own-label brands
  • generic brands
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16
Q

what are the social trends businesses should maximise to build their brand

A
  • social media
  • viral marketing
  • emotional branding
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17
Q

what is cost-plus pricing

A

sets price based on cost of production
+ ensures profit
- ignores customer demand

18
Q

what is penetration pricing

A

low price set to attract customers, rises over time

19
Q

what is price skimming

A

high initial price set to get maximum revenue before competitors enter market, price is slowly lowered

20
Q

what is psychological pricing

A

price is set in a way that appeals to customers perception e.g £9.99 instead of £10

21
Q

what is competitive pricing

A

price is determined in relation to prices set by competitors

22
Q

what influences price

A
  • PED
  • costs
  • competition
  • product life cycle
  • branding
23
Q

what are changes in pricing to reflect social trends

A
  • personalised pricing (technology and databases collecting customer info)
  • subscription pricing (monthly fee)
  • price comparison sites (trivago)
  • auction sites (eBay)
24
Q

what parties are involved in distribution

A
  1. agents (links buyers and sellers)
  2. wholesalers (bulk)
  3. retailers (specialist service)
  4. direct selling
25
Q

what influences distribution

A
  • scope/sale
  • nature of product
  • control over promotion and pricing
  • expectations of customers
26
Q

how does changes in distribution reflect social trends

A
  • growth in online selling, manufacturers use couriers
  • increase in on-demand services via websites (Uber, deliveroo)
27
Q

benefits of online distribution for businesses

A
  • low start up costs
  • fast transactions (secure)
  • sales 24/7
  • offer goods to wide market
28
Q

benefits of online distribution for consumers

A
  • lower prices
  • shop 24/7
  • comparison between brands much easier
  • wider choice
  • reviews
29
Q

what are the stages of the product life cycle

A
  1. introduction
  2. growth
  3. maturity
  4. saturation
  5. decline
30
Q

what are the characteristics of the introduction stage of the plc

A

low prices
heavy promotion
low product variation

31
Q

what are the characteristics of the growth stage of the plc

A

increased prices
new varieties
distribution methods introduced
high demand

32
Q

what are the characteristics of the maturity stage of the plc

A
  • full market
  • all potential customers have product
  • alternative products
  • price cuts
33
Q

what are the characteristics of the decline stage of the plc

A
  • price cuts
  • product variety streamlined
  • extension: re-boost by changing packaging, design etc
34
Q

what are the stages of the Boston matrix

A
  1. stars
  2. question marks
  3. cash cows
  4. dogs
35
Q

what are the characteristics of stars in the Boston matrix

A

effective distribution
leading brand in market

36
Q

what are the characteristics of question marks in the Boston matrix

A

fast growing market
product not established
lots of competition
heavy investment

37
Q

what are the characteristics of cash cows in the Boston matrix

A

successful products
high revenue
little promotion

38
Q

what are the characteristics of dogs in the Boston matrix

A

invest to revitalise
discontinue product

39
Q

marketing strategies : what are the 4 Ps

A
  1. price
  2. product
  3. place
  4. promotion
40
Q

how should a business adapt the 4ps for mass markets

A
  1. product = very generic, should differentiate
  2. price = competitive pricing, manage costs
  3. promotion = heavy advertising and build brand image
  4. place = multiple channels used to sell goods
41
Q

how should a business adapt the 4ps for niche markets

A
  1. product = differences quite significant, must communicate differences
  2. price = flexibility for premium pricing
  3. promotion = targeted using specialist media
  4. place = sell directly , small carefully selected channels

business (6 decks)

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