3 MARKET RESEARCH - 3.3 Marketing Research Flashcards
Define Marketing Mix
- Product
- Price
- Promotion
- Place
Define Product
the end result of a production process
Define Tangible Attributes
those that can be measured
Define Intangible Attributes
those that are subjective, can not be compared and measured easily
Define Product Development
development and sales / new products / new developments of the existing products in existing markets
Define USP
factor differentiating between the product from its competitors
(“what you have that competitors don’t”)
Define Product Life Cycle
the pattern of sales recorded by a product from introduction to withdrawal in the market
Define Product-Portfolio Analysis
a range of existing products of the business is analysed to help allocating resources effectively between them
Define Extension Strategies
Market plans that extend the maturity stage of a product before a brand new one is needed
(repackaging, selling in new markets, marketing for new uses etc)
What are the different Pricing Strategies?
- Competitive Strategy
- Penetration Strategy
- Skimming Strategy
- Price Discrimination Strategy
- Cost-Based Strategy
Define the Competitive pricing strategy
some / lower prices than those of competitors
Define the Penetration pricing strategy
Low price, high promotion, mass marketing
Define the Skimming pricing strategy
Low PED, strong USP, maximising profits
Define the Price Discrimination pricing strategy
Different prices to different consumer groups at the same time
Define the Cost-Based pricing strategy
A price is set after calculating the unit cost and adding a fixed profit margin
What are the 2 types of Promotion?
- Above-the-line promotion
2. Below-the-line promotion
Define Above-the-line promotion
paying communication directly with the consumer
Define Below-the-line promotion
not paid directly, based on short term incentives to purchase
Define Personal Selling
a member of the sales staff communicates with one consumer aiming to sell a product and to build a long term relationship between the consumer and the product
Define Public-Relations
deliberately using free publicity to communicate with and understand the public
(free publicity can be newspapers, TV and other media)
Define Brand
and identifying name, symbol, image / trademark differentiating the products from its competitors’
What is the role of Packaging in Promotion?
- Protects
- Provides information
- Supports image > product recognition
Define the Channels of Distribution
a chain of intermediaries that a product passes through from the final producer to the final product
On what basis is COD (Channels of Distributions) chosen?
- Geographical Dispersion
- Size of the Market
- Level of Service
- Technical Complexity
- Unit Value
What are the types of COD (Channels of Distributions)?
- Direct Selling
- Producer > Consumer - One Intermediary
- Producer > Agent / Larger wholesaler > Consumer - Two Intermediaries
- Producer > Wholesaler > Retailer
Define Internet Marketing
Using the internet to advertise and market activities
email and mobile communication encouraging direct sales via e-commerce
Define E-Commerce
When goods and services are bought and sold by businesses and consumers via an electronic medium
Define Integrated Marketing Mix
Marketing decisions that complement each other and convey a consistent message about the product
