1.3 Marketing mix and strategy

Question 1

Product or service design definition

Answer 1

The combination of factors needed in designing a product; Aesthetics, Function, Economic Manufacture (cost)

Question 2

components of the design mix

Answer 2

aesthetics
function
cost

Question 3

what changes in the design mix reflect trends

Answer 3

ethical sourcing
knowledge of resource depletion and recycling

Question 4

Bespoke design

Answer 4

custom made, custom built, tailor made to the consumer

Question 5

Standard design

Answer 5

Standard design are products or services that are sold as standard, the customer cannot add any extra features or benefits

Question 6

efficiencies

Answer 6

Efficiencies in production can be achieved by changing the types of materials used or by updating the technology used in production

Question 7

different types of design (2)

Answer 7

standard
bespoke

Question 8

what is ethical sourcing

Answer 8

‘ensuring that the products being sourcedare created in safe facilities by workers who are treated well and paid fair wages to work legal hours and the production is sustainable

Question 9

Promotion

Answer 9

The use of marketing tools to bring a product or service to the attention of potential buyers

Question 10

different types of promotion (6) DAPS BP

Answer 10

direct marketing
above the line marketing
personal selling
sponsorship

below the line marketing
personal selling

Question 11

Personal selling

Answer 11

The sales person acts on behalf of the organisation and is useful to customers as a technical advisor

+ well trained & knowledgeable
-expensive - salary & commission

Question 12

Direct marketing

Answer 12

targeted mail based on what customers have bought before
May be special offers to re-engage customers who have stopped buying

+ can engage customers and encourage them
- can be seen as junk and ignored

Question 13

Above the line advertising (ATL)

Answer 13

mass media methods for targeting larger and more general customers
tv ads and billboards

+ reaches a mass audience and repeats the same message. good for brand awareness
-very expensive and the results of it are hard to specifically measure

Question 14

Below the line Advertising

Answer 14

direct marketing for reaching smaller but more targeted audiences appealing to less
search engines
social media

+easy to measure, cheap and targeted
-lots of training, deep knowledge of consumer needed

Question 15

public relations

Answer 15

the construction of a relationship between the public and the business. intent to create a positive brand image
long term and cheap

Question 15

sponsorship

Answer 15

positive relation with a person of a famous status
kim k or ronaldo
can boost sales but is very expensive

Question 15

all sales promotions (6)

Answer 15

BOGOF
price discounts
coupons
free samples
special events
point of sale

Question 15

BOGOF

Answer 15

popular w/ shoppers
encourages trial/use of product
encourages shoppers to switch brands
boosts sales

loss of profit
short term

Question 15

price discounts

Answer 15

can clear out old stock

consumers may see the brand as cheap/ low quality
customers become suspect if a sale is always on

Question 15

coupons

Answer 15

better value for money
widely available and encourage repeated purchase

reduced profits
some customers might only buy when they have coupons
customers may have bought without

Question 15

samples

Answer 15

good for new products
works well with specific products - food at costco
encourages word of mouth promotion

complicated to distribute samples
expensive - results in a loss of profit

Question 15

special events

Answer 15

encourages trial of new product
rewards customers
ideal for small businesses
word of mouth promotion

can be expensive
hard to measure how much marketing helps sales

Question 16

point of sale

Answer 16

promotes new products
good with seasonal products like creme eggs
can increase sales by giving discounts

only works if product has demand
may be put in bad location reducing sales

Question 16

what are digital communications

Answer 16

digital communications used to promote products and services

Question 16

different types of digital communications (VOSCAM)

Answer 16

viral strategies online ads social media consumer generated content advergaming mobile communications

Question 16

online adverts

Answer 16

deliver accurate data and stats reach large amounts of potential customers may be ignored can be very expensive

Question 16

mobile communications

Answer 16

can interact with brands whilst not at home quick and efficient small messages may be ignored security issues when conducting transactions websites need to be mobile friendly - changing them is expensive

Question 16

advergaming

Answer 16

advert will stick out reach huge audiences message is lost if advert isnt related audiences may be too young

Question 16

social media

Answer 16

customers can keep up with the new products increases customer engagement all need to be updated, resulting in more staff being needed - more jobs - less profit

Question 16

Consumer generated content

Answer 16

consumers can read others reviews good responses reflects onto potential consumers consumers can easily complain online rep can be hard to manage resulting in more staff being needed

Question 16

Viral strategies

Answer 16

Consumers spread the message amongst themselves which reduces costs increase authenticity of the brand message as it is endorsed by a friend Can be so complex that the original message is lost Still new idea so hard to get funding for this kind of campaign from some of the more traditional companies

Question 16

what is a brand

Answer 16

a characteristic name or symbol that distinguishes one product from another supplier

Question 16

Manufacturer / corporate branding

Answer 16

aims to build communications and relationships between the main business name and the customers +Spreads the cost of marketing across all the individual brands -Takes a long time to build a solid brand image whole brand takes a hit if one product fails

Question 16

product branding

Answer 16

aim to show the customer the features and benefits of a product which will differentiate it from others branded products can demand higher prices can expect higher profits from branded cashcows creates customer loyalty takes years to build up limited flexibility - may not be able to keep up with market trends

Question 16

Own brand products

Answer 16

products that are made by a manufacturer on behalf of a supermarket fills market gaps builds brand loyalty competes with other brands products can vary in quality as made by different manufacturers - one bad product might give bad rep

Question 17

what is rebranding

Answer 17

changing a companies/ brands image in order to appeal to a different demographic old spice

Question 17

benefits of strong branding (3)

Answer 17

added value ability to charge premium prices reduced ped

Question 17

ways to build a brand

Answer 17

unique selling point (USP) Advertising sponsorships Social Media

Question 18

what is viral marketing

Answer 18

type of marketing where consumers are encouraged to share info about a companies goods or services via internet relies on word of mouth info spreads fast

Question 19

what is social media in marketing

Answer 19

apps can be used to showcase and promote products that are different from competition

Question 20

what is emotional branding

Answer 20

branding that seeks a bond between the customer and the product/ service that is being sold creates brand loyalty