Buisness marketing and PLC Flashcards
What is marketing?
It is goods & services
producer—-Activities—consumer
What are the roles of marketing
- sell what a buisness makes or supplies
2. manage the brand
What are the 6 marketing activities?
- research🕵🏻♀️
- development
- sales🏷
- distrubution 📦
- advertising
- promotion
What is branding?
it is all about…image
- Brand name
- logo or trademark
- slogan
What is a brand name?
group of words that distinguish the products of a business for example roots
it should…
stand out🧍🏻♀️
be memorable
What is a logo? and 3 forms
A symbol associated with the business/product
- monogram ex: KFC🍗🐔
- visual symbol (line drawings ex: apple🍎
- Abstract symbol (ex: Nike swoosh)✅
What is trademark
Can be one of all
- word
- symbol
- design
What is a slogan
Catchy advertising phrase ex…
Nike-just do it
Canadian blood services- it’s in you to give
when used for print or broadcast ads= tagline
What is brand identification goal?
To identify brand with product in the minds of consumers
It’s all about competition
What is brand identification
Everything about the product should be used consistently (name, logo, slogan) can also include…
- colours
- package design
What is a product life cycle?
Impact of marketing measured:
-sales analysis
-consumer reaction to the brand
plc is the progress of the brand
What is marketing success?
it is brand equity (value of the brand in marketplace)
What is best marketing=s
+Brand awareness (known)
+Brand loyalty (prefer)
+Brand insistence (only)
What are the 3 non-traditional product life cycle
- fads
- niches
- seasonal
What is fad
- Popular with a select market more than 14 years
- Short period of times more than a year
ex: yoyo’s
What is niches
Section of market:
- product dominate (ex: speciality parts for example tesla with cars 🚙)
- few competitors ( barriers to entry: patents, cost of R&D)