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Business Studies > 4 P > Flashcards

4 P Flashcards

1
Q

what are the 4ps

A

Product, price, place, promotion

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2
Q

What are the 4cs

A

Customer solution, cost, communication, convenience

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3
Q

How do 4ps and 4cs pair up

A

product-customer solution
cost-price
communication-promotion
convenience-place

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4
Q

What is CRM and what does it do

A

Customer relationship management:

Keeping existing customers and maintain theri loyalty

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5
Q

4 methods CRM can use

A

Frequent interaction
Targeted marketing
Customer service report
social media

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6
Q

What is U.S.P

A

Unique selling point

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7
Q

3 benefits of USP

A
  • gives focus for promotion
  • free media promotion as they highlight USP
  • Opportunity to sell unique product at high price
  • Customer easily identify what’s different
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8
Q

4 stages of product life cycle

A

Introduction, growth, maturity(saturation), decline

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9
Q

2 Appearances of Introduction

A
  • Expenditure is high

- revenue is low as awareness is built

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10
Q

2 Appearances of growth

A
  • sales increasing rapidly

- revenue starts to overtake expenditure as more and more people know about the product

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11
Q

2 Appearances of maturity

A
  • Competition is high since everyone probably has a product

- Sales slow down

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12
Q

2 Appearances of decline

A
  • Sales much slower

- start to consider withdrawal from market

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13
Q

Explain extension strategy in 3 points

A
  • slight modification of existing design
  • New or additional promotion
  • New features on existing products
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14
Q

3 characteristics of development impacting cash flow

A

High development cost to design the product
cash flow negative
no revenue coming in

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15
Q

4 characteristics of Introduction impacting cash flow

A

Promotion cost is high
cash flow remain negative
not many people know about the product
little revenue

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16
Q

3 characteristics of growth impacting cash flow

A

Still heavy promotion cost
revenue streams are much higher
possible positive cash flow

17
Q

2 characteristics of maturity impacting cash flow

A

Sales are high
promotion cost become low
positive cash flow

18
Q

2 characteristics of decline impacting cash flow

A

Likely price reductions
little sales
reduced cash flow

19
Q

Price, promotion, place, product at introduction 4 features

A
  • low penetration price or high skimming price
  • Informative ads to raise customer awareness
  • Limited space for sale
  • basic model
20
Q

Price, promotion, place, product at growth 4 features

A
  • Could lead to higher price
  • Customer need to be convinced making multiple purchases, establishing brand loyalty
  • growing number of outlets in areas with strong demands
  • Planning of product improvement
21
Q

Price, promotion, place, product at maturity 4 features

A
  • Competitors will enter market so price needs to be competitive
  • Focus switch from gaining new customers to retaining existing customers
  • Largest number of outlets
  • New modification and extension strategy
22
Q

Price, promotion, place, product at recession 4 features

A
  • Price low to get rid of stockpile
  • Ads low and designed to inform the price is low
  • Eliminate unprofitable outlets
  • Slowly withdrawing from market
23
Q

Whats portfolio graph

A

Business position itself so when one product is declining. another product is at growth or intro

24
Q

What are the 2 factors customers consider when purchasing a product

A
  • Intangible attributes

- tangible attributes

25
Q

What is the formula for PED price elasticity demand

A

Percentage change demand over percentage change in price

26
Q

What answer will price be INelastic

A

less than 1

27
Q

8 types of pricing

A 
Full cost 
Contribution
Competitior
Price Discrimination
Penetration
Price skimming
Psychological 
Loss leader
28
Q

What is Promotional Mix

A

Part of makrketing mix

The methods together used to persuade consumers to purchase

29
Q

What is above the line promotion

A

Promotion paid by businesses

30
Q

2 forms of advertising

A

Informative and persuasive

31
Q

What is below the line promotion

A

not directly paid for but based on short term incentives such as loyalty rewards

32
Q

Whats personal selling

A

Directly talk to you to buy product

33
Q

Whats trade fair

A

Businesses selling to other businesses to raise awareness

34
Q

Whats corporate sponsorship

A

Raise profile when company aligns with events

35
Q

Whats channel of distribution

A

Chain of interediaries a product pass from producer to consumer

36
Q

Whats Distribution

A

Getting right product to right people at right time most conveniently

Business Studies (8 decks)

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