4 making marketing decisions using the marketing mix Flashcards
(4.1 the elements of the marketing mix 7ps) what is the marketing mix?
the main variables comprising a firms marketing strategy
(4.1 the elements of the marketing mix 7ps) what are the marketing elements (7ps)?
price
product
place
promotion
people
process
physical environment
(4.1 the elements of the marketing mix 7ps) what range of factors will be concidered in developing a marketing mix?
finance
the nature of the product
technology
market research
(4.1 the elements of the marketing mix 7ps) what is unique selling point?
allows a business to differentiate its product from others in the market
(4.1 the elements of the marketing mix 7ps) what is product life cycle?
the theory that all products follow a similar pattern throughout their life
(4.1 the elements of the marketing mix 7ps) what are the factors influencing the development of new goods and services?
technology
competitors actions
the entrepreneurial skills of managers and owners
(4.1 the elements of the marketing mix 7ps) what are the number of benefits of a unique selling point?
advertising campaigns can be based around the USP
a USP assists in encouraging brand loyalty
a USP may allow the firm to charge a premium price
(4.1 the elements of the marketing mix 7ps) what stages is the product life cycle split into?
introduction
growth
maturity
decline
(4.1 the elements of the marketing mix 7ps) how might the decline stage be prolongued?
by implimenting extention strategies such as:
fising new markets for existing products
changing the appearence or packaging
(4 making marketing decisions using the marketing mix) what are the names for the range of products businesses have?
product mix
product portfolio
(4 making marketing decisions using the marketing mix) how can product mix/porfolio be analysed?
through the boston matrix
(4 making marketing decisions using the marketing mix) what four categories does the boston matrix matrix have?
star
cash cows
dogs
problem child
(4 making marketing decisions using the marketing mix) What does pricing strategies mean?
the medium-to-long-term pricing plans that a business adopts
(4 making marketing decisions using the marketing mix) what possible decisions can result from the boston matrix?
cash cows can be milked for their revenue and profit
problem children need to be turned into rising stars
dogs might be discontinued
star products could become future cash cows
a business does not wan too many products in a single category
(4.2 pricing decisions) The price of a product may be determined by what?
pricing strategies
tactics adopted
(4.2 pricing decisions) What are the 4 pricing strategies?
price skimming
penetration pricing
price leadership
price taking
(4.2 pricing decisions) What are the 3 price tactics?
loss leaders
special-offer pricing
psychological pricing
(4.2 pricing decisions) what may pricing decisons be influenced by?
costs
marketing objectives
elasticity of demand
technology
(4.3 decisions about the promotional mix) What does promotion mean?
bringing a product or business to consumers attention
(4.3 decisions about the promotional mix) what does promotional mix mean?
the combination of methods used by businesses to communicate with prospective customers to inform them of their products and to persuade them to buy these products
(4.3 decisions about the promotional mix) what does promotion aim to do?
attract new customers and retain existing customers
improve the position of the business in the market
ensure the survival and growth of the business
increase awareness of a product
(4.3 decisions about the promotional mix) what does promotional mix refer to?
the range of methods used by businesses to communicate with customers
(4.3 decisions about the promotional mix) what are the 8 methods the promotional mix refers to?
advertising
exhibitions and trade fairs
packaging
branding
public relations
merchandising
personal selling
sales promotion
(4.3 decisions about the promotional mix) What may the choice of promotional mix be affected by?
the products position in the life cycle
the type of product
the finance available to the business
where consumers make purchasing decisions
competitors actions
(4.4 distribution decisions (place)) What does distrubution mean?
the range of activities necessary to make the product available to customers
(4.4 distribution decisions (place)) What does multichannel distribution mean?
Where firms use more than one type of disrtibution channel eg shops, online and click and collect
(4.4 distribution decisions (place)) What is the products marketing mix influenced by?
location
credit terms
willingness to display products in prominent positions
(4.4 distribution decisions (place)) Whata re the three main distribution channels?
producer – wholesaler – retailer – consumer
producer ——————— retailer – consumer
producer ———————————– consumer
(4.4 distribution decisions (place)) What will the choice of distribution channel be influenced by?
the type of product
the nature of the market
the technical complexity of the product
(4.4 distribution decisions (place)) Changing consumer trends mean many businesses now offer what?
multichannel distribution
(4.4 distribution decisions (place)) People who are the face of a business need to be what?
helpful and polite
motivated
well trained
(4.4 distribution decisions (place)) What does the whole process of buying a product or service include?
from first entering a business premises or website
to the delivery of the product or service
and the aftersales service offered
(4.4 distribution decisions (place)) What does the premises of a business (physical environment) reflect?
the nature of the product
(4.4 distribution decisions (place)) An integrated marketing mix is ine that what?
fits together
address the elements of the mix
potrays the correct image to customers
(4.4 distribution decisions (place)) What are the 7 influences on an integrated marketing mix?
position in the product life cycle
boston matrix
type of product
marketing objectives
target market
competition
positioning
(4.4 distribution decisions (place)) Marketing mixes can be integrated in different ways depending on what factors?
pricing
target audience
(4 making marketing decisions: using marketing mix) What are the benefits of the value of digital marketing and e-commerce?
more detailed information available about customers
relationships more easily built with customers
greater contact between consumer and business
social media have become very important
can sell anywhere in the world
(4 making marketing decisions: using marketing mix) What are some negatives of digital marketing?
reputations can be destroyed
consumers are free to write reviews that mya not always be a true reflection
