3.4 Decision making to improve marketing performance Flashcards
1
Q
internal influences on new product development 5
A
- availability of a budget for r&d
- talent
- past success/failure
- need to increase sales
- how old current products are
2
Q
external influences on new product development 5
A
- new gap in the market
- customers expectations
- new technology
- competitors actions
- government policies
3
Q
pros of multichannel distribution 4
A
- open 24/7
- different prices for different channels
- increased brand awareness
- access to customer feedback
4
Q
cons of multichannel distribution 2
A
- costs may be increased (shop+website)
- lack of consistency of customer service
5
Q
pros of e-commerce 4
A
- less expensive costs
- open 24/7 / 365 days
- access to larger inter/national market
- revenue up & costs down = profit up
6
Q
cons of ecommerce 8
A
- lacks personal touch
- delays
- doesnt allow experience
- packaging and delivery costs
- subcontracting delivery
- returns
- security issues
- high competition
7
Q
cons of ecommerce 8
A
- lacks personal touch
- delays
- doesnt allow experience
- packaging and delivery costs
- subcontracting delivery
- returns
- security issues
- high competition
8
Q
what is digital marketing
A
any online methods of marketing e.g. email, social media, blogging etc
9
Q
pros of digital marketing
A
- allows global reach
- cheaper
- allows personalisation
- can suggest similar products
10
Q
pros of digital marketing
A
- misses out customers not online
- can annoy customers
- customers can opt out of receiving it
11
Q
6 factors affecting the choice of promotional mix
A
- target market/audience
- type of product
- stage in product life cycle
- budget
- competitors choice
- technology available
12
Q
what are consumer products
A
bought by final customers for personal comsumption
13
Q
what are industrial products
A
bought by other businesses not consumers for further processing or for use
14
Q
key product life extension strategies 6
A
- product redesign / new features
- price reduction
- new packaging
- increase promotions
- find new segments
- find new markets e.g. abroad
15
Q
what is penetration pricing
A
starting the price low for a new product
