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Business Studies Y10 > 2.4 Marketing Mix > Flashcards

2.4 Marketing Mix Flashcards

1
Q

The 4 ps of the marketing mix are…

A

Price
Product
Place
Promotion

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2
Q

What does tangeble mean?

A

Can be touched . Eg, products

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3
Q

What does intangible mean?

A

Can’t be touched. Eg. Services

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4
Q

The 5 different pricing strategies are …

A

Cost-plus pricing
Competitor pricing
Price Skimming
Promotional pricing
Penetration pricing

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5
Q

What’s cost- plus pricing ?

A

Adds a % onto the cost of producing a product, resulting in a sale price

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6
Q

Cost-plus pricing advantages

A

Prices are easier to calculate
Ensures each product will make a profit

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7
Q

Cost plus pricing disadvantages…

A

Doesn’t take into account competitor prices
Doesn’t encourage a business to lower prices

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8
Q

What is promotional pricing ?

A

Reduction in price to attract customers to products. Eg. BOGOF.

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9
Q

Promotional pricing advantages

A

Attracts customers into stores
Breaks loyalties with other brands
Encourages customers to buy more

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10
Q

Promotional pricing disadvantages

A

Customers may get used to promotional prices and not want to pay normal ones
Stock may be unavailable for customers who usually pay full price

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11
Q

Price skimming is….

A

When a product is more advanced than that of competitors, a business may set a high price because people will pay it. After time,demand decreases along with the price

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12
Q

What is competitor pricing ?

A

Competitor pricing is setting a price based on prices charged by another business or competitor on a similar product.

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13
Q

Penetration pricing is…

A

When a new business sets lower prices than competitors to attract customers and break customer loyalties with other brands

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14
Q

Promotion is ….

A

How a business informs its customers about a new product or service and persuades them to buy.

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15
Q

Promotional methods include ….

A

Tv advertising
Radio advertising
Social media
Billboards

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16
Q

Tv advertising advantages…

A

Helps reach a larger audience
Target market reached based on programmes watched
Engaging visual elements

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17
Q

Tv advertising disadvantages

A

Costly
Mainly suitable for larger businesses

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18
Q

Advantages of social media advertising

A

Social media pages are quick to update
Cheaper then other promotional methods such as tv advertising

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19
Q

Disadvantages of social media advertising

A

Time consuming to monitor and update
Negative feedback can be reviewed by other customers

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20
Q

Radio advertising advantages…

A

Portable so can reach customers anywhere
Cheaper then tv advertising

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21
Q

Radio advertising disadvantages…

A

No engaging visual elements
People can skip adverts

22
Q

Advantages of business doing website advertisements

A

Videos on the website can show a product in more detail
Most business will have their own website
Used to send a message to buyers and persuade them

23
Q

What’s invention…

A

Introduction of a total new idea

24
Q

Whats Innovation…

A

Improvement of an original idea

25
Q

What’s design…

A

Related to the style of the product

26
Q

What are the point of sale promotions?( promotions that happen when the customer is buy in the product)

A

Price reduction
Loss leaders
Competitions
Free samples

27
Q

What factors do customers condiser before buying a product ?

A

Design
Functionality
Convenience
Branding

28
Q

What’s an invention
What’s an innovation
What’s the design

A

Invention- introduction of a totally new idea
Innovation- the improvement of an original idea
Design- related to the style of a product

29
Q

What does the product life cycle do?

A

Describe the stages a product goes through from when it was first thought of to when it’s finally removed from the market.

30
Q

4 stages of the product life cycle?

A

Introduction
Growth
Maturity
Decline

31
Q

What does the introductionstage involve ?

A

Researching , developing and launching a product.

32
Q

What does the growth stage involve ?

A

When sales are increasing at their fastest rate

33
Q

What is the maturity stage in the product life cycle?

A

Sales are near their highest, but the rate of growth is slowing down.
This could be because of new competitors.

34
Q

What is the decline stage in the product life cycle?

A

Final stage where sales begin to fall.

35
Q

Advantages of the product life cycle?

A

Helps you identify when an extension strategy is needed.

36
Q

Disadvantage of the product life cycle …

A

Doesn’t take external factors until consideration.eg competitor lowering prices

37
Q

What does place mean in the 4ps of marketing?

A

Where products and services are sold
How the business gets products to the consumer

38
Q

What’s a distribution channel?

A

The organisations a product passes through to get from a producer to a consumer
How products and services get to a customer.

39
Q

What’s a shopping mall?

A

Public transport links, choice of stores and is under cover.

40
Q

What’s a retail park?

A

Less traffic, free/ available parking, click and collect services and easier buying large items such as furniture

41
Q

What were the 3 main distribution channels ?

A

Producer—Wholesaler—retailer —customer
Producer-retailer-customer
Producer-customer

42
Q

What does the term break bulking mean?

A

Buying in bulk and then breaking that up and selling it in large quantities

43
Q

What does a wholesaler do?

A

They buy in bulk from the producer then break bulk to the retailer

44
Q

How do wholesalers help small shops?

A

It means small shops don’t have to pay to store large goods that could also go off

45
Q

What’s a regional distribution centre? (RDC)

A

Owned by a retailer and store products that they will later sell in stores

46
Q

The 2 ways a business can get its goods/ services to a consumer…

A

Physical distribution-movement of goods we can see and touch
Digital distribution- distribution of goods by downloading from a website or app. Eg Apple Music

47
Q

Examples of digital distribution include..

A

Music
Apps
Films
Games

48
Q

Advantages of digital distribution..

A

Goods are available instantly
Cost savings as no packaging or postage costs
Businesses don’t have to store goods

49
Q

Digital distribution disadvantages include….

A

Not everyone has acess to the internet
Not all goods can be downloaded

50
Q

What’s market data?

A

Market data is information that will help a business make marketing decisions

51
Q

What data might business consider ?

A

Change in demand
Market share
Effect of promotion
Target market

Business Studies Y10 (11 decks)

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