1.3 marketing mix and strategy Flashcards
1
Q
what are the 4p’s/ marketing mix
A
price, product, place, promotion
2
Q
what does the design mix include?
A
function (how it works)
aesthetics (looks)
economics manufacture (cost)
3
Q
what are changes in the elements of the design mix to reflect social trends
A
- concerns of resource depletion
- designs for waste minimisation, reuse, recycle
- ethical sourcing (fair trade etc)
4
Q
promotion
A
methods used to persuade/ inform customers to purchase a product
5
Q
types of promotion
A
- public relations (PR)
- sales promotion
- advertising
- BOGOF
- seasonal price cutting promotions
6
Q
brand
A
a recognisable name/ logo that can act as a usp
7
Q
what are the benefits strong branding?
A
- can add value
- may increase brand loyalty
- improves brand image
- differentiation
- can charge higher prices
8
Q
ways to build a brand?
A
- usp/ differentiation
- advertising
- use of social media
- sponsorship
9
Q
changes in branding and promotion to reflect social trends
A
- use of social media
- emotional branding
- viral marketing (use of social media to increase brand awareness)
10
Q
types of pricing strategies
A
- cost plus
- price skimming
- price penetration
- competitive pricing
- psychological pricing
- predatory pricing
11
Q
what is cost plus pricing?
A
12
Q
what is price skimming?
A
13
Q
what is price penetration?
A
14
Q
what is predatory pricing?
A
15
Q
what is competitive pricing?
A
