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Business Theme 1 > 1.3 Marketing mix and strategy > Flashcards

1.3 Marketing mix and strategy Flashcards

1
Q

What is marketing?

A

The process of finding out, meeting and exceeding customers’ needs

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2
Q

What is the marketing mix?

A

The elements of a business’s marketing that are designed to meet needs of customer

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3
Q

What are the components of the marketing mix?

A

Product
Promotion
Price
Place

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4
Q

How do new products help a business?

A

New products help to generate more revenue and ensure that businesses remain competitive

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5
Q

What is the product design?

A

The process of creating a new product. It involves the generation and development ideas through a process that leads to new products.

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6
Q

What is a design brief?

A

It contains features about a product that the designers can use

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7
Q

When designing a new product, what may a business take into account?

A
  • Shape and appearance
  • Whether it fits intended need
  • How easily and cost-effective it can be produced
  • The image it gives when displayed
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8
Q

What is the design mix?

A

When designing any product a number of key features have to be considered

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9
Q

What are the features of the design mix?

A

Function
Aesthetics
Cost

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10
Q

What does function refer to?

A

A product must be fit for purpose, which means that it must be capable of doing the job that is it sold to do

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11
Q

What is an example of function?

A

A waterproof jacket must not let in rain. It must also be reliable and work every time the customer uses it.

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12
Q

What other features come under function?

A
  • Products should be convenient and easy for customer use
  • Easy to carry out maintenance
  • Safe usage
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13
Q

What are the consequences of bad functionality?

A

Products not fit for purpose are likely to be returned, which will add to business costs. Also, people will get frustrated if they cannot use the product efficiently.

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14
Q

What are positives of good functionality?

A

If a business can design a product with superior functionality, it may be used as a USP

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15
Q

What does aesthetics refer to?

A

Products should provide a sensory stimulation in addition to performing a function

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16
Q

What is an example of aesthetics?

A
  • Size
  • Appearance
  • Shape
  • Smell/taste
  • Presentation of service
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17
Q

What are the positives of good aesthetics?

A

A product that appeals to the senses may appeal to more consumers and sell better

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18
Q

What does cost refer to?

A

A well-designed product should be economically viable. This means a business should be able to produce and sell the product at a profit.

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19
Q

What is an example of cost?

A

Designers must select materials and processes that minimise costs

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20
Q

What are consequences of bad cost?

A

If costs are high, products may be dropped altogether. So, there needs to be a compromise between design and cost.

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21
Q

What do social trends in the design mix relate to?

A

The changes in lifestyle that people have made as a result of being more aware of the impact they have on the environment

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22
Q

How are products designed to fit social trends?

A

They may attempt to reduce waste and facilitate the re-use and recycling of products and packaging

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23
Q

What are benefits of adapting product designs to social trends?

A
  • If businesses reduce waste they will use few resources, resulting in lower costs
  • Products are likely to be more popular and sell in larger quantities
  • Use design features as a USP
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24
Q

What is promotion?

A

This involves businesses drawing attention to their products, service or company

25
Q

Why do businesses use promotion?

A
  • To obtain or retain customers
  • Tell consumers about a new product
  • Reach a wide target audience
  • Show that rival products are not as good
26
Q

What is above the line promotion?

A

It involves advertising in the media

27
Q

What are the categories of advertising?

A
  • Informative advertising
  • Persuasive advertising
  • Reassuring advertising
28
Q

What is informative advertising?

A

Adverts are designed to increase consumer awareness of products. They give clear info about product’s features.

29
Q

What is persuasive advertising?

A

Adverts are designed to convince a customer to buy a particular brand. They often appeal to emotions and use celebrities

30
Q

What is reassuring advertising?

A

Adverts are aimed at existing customers to be comforting and suggest to consumers they were ‘right’ to buy a product

31
Q

What are types of media that s business could use for advertising?

A

TV
Newspapers
Cinema
Radio
Posters
Internet

32
Q

What are advantages and disadvantages of TV?

A

+ Huge audiences
+ Sound & movement
- Very expensive
- Message may be short-lived

33
Q

What are advantages and disadvantages of newspapers?

A

+ National & local cover
+ Reader can refer back
- No movement or sound
- Ads can get lost

34
Q

What are advantages and disadvantages of cinema?

A

+Big impact with big screen
+ Specific age groups target
- Limited audience
- Message only seen once

35
Q

What are advantages and disadvantages of radio?

A

+ Sound can be used
+ Cheap production
- Not visual
- Can be ignored

36
Q

What are advantages and disadvantages of posters?

A

+ Repeatedly seen
+ Large posters can have big impact
- Posters easily damaged
- Limited space for info

37
Q

What are advantages and disadvantages of internet?

A

+ Updated regularly
+ Can target audiences (cookies)
- Some ads are irritating
- Possible tech issues

38
Q

What is below the line promotion?

A

Refers to any form of promotion that does not involve advertising and can take many forms

39
Q

What forms can below the line promotion take?

A

Sales promotions
Public relations
Merchandising & packaging
Direct mailing
Direct selling
Exhibitions & trade fairs

40
Q

What is sales promotions?

A

Incentives used to encourage people to buy products. They are used to boost sales in the hope that if new customers are attracted they will continue to buy.

41
Q

What are examples of sales promotions?

A
  • Free gifts
  • Coupons
  • Loyalty cards
  • Money off deals
42
Q

What is public relations?

A

The main purpose of PR is to increase sales by improving the image of the business

43
Q

What are examples of public relations?

A
  • Press releases
  • Press conferences
  • Sponsorship
  • Donations
44
Q

What is the main advantage of public relations?

A

It is often a cheap method of promotion. Some businesses have been known to deliberately seek bad publicity which raises profile quickly and at no cost.

45
Q

What is merchandising and packaging?

A

Some businesses may arrange the point of sale so that it is interesting and likely to encourage sales

46
Q

What are examples of merchandising?

A
  • Product layout
  • Display material
  • Stock
47
Q

What is direct mailing?

A

Businesses mail out leaflets or letters to households. They may contain info about new products.

48
Q

What are examples of direct mailing?

A
  • Personal letters
  • Email and text messages (spam)
49
Q

What is direct selling?

A

This might involve a sales rep calling at households or businesses hoping to sell products. One advantage is features of product can be discussed. However, people are irritated by this approach.

50
Q

What is exhibitions and trade fairs?

A

Some businesses attend these to promote their products. Businesses set up a stand and promote their products face to face.

51
Q

What are examples of exhibitions and trade fairs?

A
  • Products can be tested out on consumers
  • Some are overseas and can be used to break into foreign markets
  • Often attract media
52
Q

What affects the choice of promotion?

A
  • Cost
  • Market type
  • Product type
  • Stage in production life cycle
  • Competitors’ promotions
  • Legal factors
53
Q

How does cost affect choice of promotion?

A

Not all businesses can afford to advertise on TV and in national newspapers so they have to find cost-effective ways

54
Q

How does market type affect choice of promotion?

A

Local businesses often rely on adverts in local newspapers. However, businesses in mass markets will use TV and national newspapers.

55
Q

How does product type affect choice of promotion?

A

Certain products are better suited to certain methods. For example, car manufacturers would prefer TV over coupons.

56
Q

How does stage in production life cycle affect choice of promotion?

A

It is common for promotional methods to change as a product gets older. For example, PR is often used at launch but this will change.

57
Q

How does competitors’ promotions affect choice of promotion?

A

It is common for businesses to copy successful methods of promotion used by rivals, they will bring out their own versions

58
Q

How does legal factors affect choice of promotion?

A

In many countries legislation designed to protect consumers can affect the method and style of promotion. For example, tobacco

Business Theme 1 (6 decks)

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