1.3 Marketing Risk and Strategy Flashcards
Brand
Characteristic/name/symbol that differentiates/distinguishes a product from competition
Distribution
The process of getting the product/service to the consumer at the right place and time
Boston Matrix
Analysis tool of a firm’s product portfolio in terms of market share and market growth, used to know when to launch a new product and have a diversified portfolio
Product Portfolio
Collection of items produced and offered by the business
Marketing Strategies
The methods chosen to achieve marketing objectives
Marketing Mix
4P’s (product, place, price, promotion). Designed to meet the needs of the customers
Product Life Cycle
Different stages a product goes through and expected sales
Extension Strategies
Methods used to prolong the life of a product
Design mix
Elements of a product which need to be considered when designing a product
Pricing Strategy
Method used to decide the price of a product
Cost-plus pricing
- Add mark-up % to unit cost
Price Skimming
- Sets price high for limited time before competitors enter
Penetration Pricing
- Set price low to gain market share then increase price
Predatory Pricing
- Monopolies / oligopolies market leaders hold off threat by lowering costs so existing businesses forced out market
Competitive Pricing
- Price leader sets price, businesses follow
