19 - The marketing mix - price and product Flashcards
Define marketing mix
the four key decisions on product, price, promotion and place that must be taken to enable the effective marketing of a product
Define Goods
products which have a physical existence
Define services
products which have no physical existence, but satisfy consumer needs in other ways
Define brand
an identifying symbol, name, image or trademark that distinguishes a product from its competitors
Define intangible attributes
the subjective opnions of customers about a product, which cannot be measured or compared easily
Define tangible attributes
the measurable features of a product, which can be easily compared with other products
Define New product development (NPD)
the design, creation and marketing of new goods and services
Define Unique selling point
the special feature of a product that makes it different from competitors’ products
Define product differentiation
the unique qualities of a product that lead to a difference between the product and competitors’ products
Define product positioning
consumers’ view of a product or service as compared to its competitors
Define Product portfolio analysis
analysing the range of existing products of a business to help allocate resources effectively between them
Define Product life cycle
the pattern of sales for a product from launch to withdrawal from the market
Define consumer durable
a manufactured product that can be re-used and is expected to have a reasonably long life, such as a car or washing machine
Define extension strategy
a marketing plan to extend the maturity stage of the product before a completely new one is launched
Define Boston matrix
a method of analysing the product portfolio of a business in terms of market share and market growth