1.3 marketing mix and strategy Flashcards
shane
what is the marketing mix?
(4 ps) the combination of marketing activities that a business uses to bets meet the needs of its target market and are adapted to achieve marketing objectives
what is the design mix?
the combination of elements that make up a product’s design. function, aesthetics, cost
what are social trends?
the way society as a whole behaves and the values that determine that behaviour. they are not static and are continually changing
what are the 3 main social trends?
> environmental concerns - waste minimisation, recycling
ethical considerations - ethical sourcing - products are sourced in a sustainable way
economic - costs need to be controlled and lowered, aesthetics - people enjoy signalling success through products
what is promotion?
the methods a business uses to create interest in its products and services among its customers and potential customers
what are the 2 main purposes of promotion?
to inform customers and potential customers that a product or service exists and persuade them to buy it
what are the methods of promotion?
advertising
sales offers
digital
sponsorship
direct sales
public relations
what is a brand?
a unique design, symbol, sign and/or words used in creating a unique image that identifies a product and differentiates it from its competitors
what are the types of branding?
product branding
multiple branding
umbrella branding
corporate branding
own label branding
personal branding
what is viral marketing?
a marketing strategy that focuses on spreading information and opinions about a product or service from person to person, especially by using unconventional means such as internet or email
what is emotional marketing?
marketing communication that refers to the practice of building brands that appeal directly to a consumer’s emotional state, needs and aspirations
what is social media?
websites and applications that allow users to create and share content or to participate in social networking
what is price penetration and price skimming?
price penetration - attract customers to a new product or service by offering a lower price during its initial offering
price skimming - charging the highest initial price that customers will pay and then lowers over time
what is psychological pricing?
prices are set lower than a whole number, eg £3.99 is perceived as lower than £4, in order to make customers perceive they’re getting a good deal
what is cost plus pricing?
adding a markup to the cost of goods and services to arrive at the selling price
