C1F Marketing Mix Flashcards

1
Q

4 components of marketing mix

A

Product
Price
Promotion
Place

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2
Q

when a marketing mix is based on what a market wants it is …

A

Market orientated

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3
Q

Benefits of market orientation

A

Flexible to changes in fashion
Based on market research
Designed to meet needs

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4
Q

Drawbacks of market orientation

A

Market research costs
Constant change
Unpredictable

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5
Q

When the marketing mix is focused on the internal strengths of the business…

A

Product orientated

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6
Q

Benefits of product orientation

A

+ EOS
+ focus on product development
+ Focus on quality

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7
Q

Drawbacks of product orientation

A
  • market change ignored
  • don’t consider consumer needs/wants
  • fashion not considered
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8
Q

When the marketing mix is focused on what is good and applying it to satisfy demand

A

Asset led

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9
Q

Benefits of being asset led

A

+ quality
+ progressive change
+ max return on assets

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10
Q

What is product breadth?

A

No. of product lines

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11
Q

What is product depth?

A

No. of product varieties

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12
Q

3 advantages of branding

A
\+ increased loyalty 
\+ distinguish from competition
\+ increase PED
\+ ease choice
\+ increase value
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13
Q

3 drawbacks from branding

A
  • high advertisement costs
  • delicate reputation
  • high R&D costs
  • brands invite comp
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14
Q

Methods of product differentiation

A
  • promotion
  • add-ons
  • quality
  • form
  • packaging
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15
Q

5 stages in the product life cycle

A
  1. Intro
  2. Growth
  3. Maturity
  4. Saturation
  5. Decline
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16
Q

Why use extension strategies on a products lifecycle?

A
  • replace ageing products

- prevent decline

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17
Q

Examples of extension strategies for a product life cycle

A

Relaunch
Reposition
Rebrand

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18
Q

4 areas in the Boston Matrix

A

Market Question marks —— Stars
Growth ———————————————
Dogs —— Cash cows

                                                 Market share
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19
Q

Why use the boston matrix?

A

Manage products/ portfolio

See if products are in successful markets

20
Q

Characteristics of a ‘question mark’ product

A

Fast market growth, low market share
Products not selling
Being beaten by comp
Possible relaunch or redesign needed

21
Q

Characteristics of ‘star’ products

A
Fast market growth, high market share 
Immature market 
High competition
High revenues & costs
High advertising 
Brands have to be established
22
Q

Characteristics of ‘dog’ products

A
Slow market growth, low market share
Mature market
Marginally profitable
Could provide synergies 
Worth investing
23
Q

Characteristics of ‘cash cow’ products

A

Slow market growth, high market share
High profits, low costs
Brands established

24
Q

6 market oriented pricing strategies

A
Market skimming
Market penetration
Going rate
Psychological pricing
Loss leader
Destroyer pricing
25
Q

3 cost based pricing strategies

A

Cost plus
Full cost
Contribution

26
Q

Criticisms of cost based pricing

A
  • no account for consumer needs
  • overheads can be complex
  • too rigid
  • no account for market situation
27
Q

Promotion is used to ….

A

Attract, gain & retain customers

28
Q

Objectives of promotion …

A
Provide info
Increase sales
Increase market share
Establish brand
Establish image
29
Q

Factors effecting promotion..

A
Differentiation 
Market budget
Stage in life cycle 
Target market
Cultural sensitivity 
Competition
30
Q

2 types of promo

A

Above the line

Below the line

31
Q

Above the line promo is done via…

A

Independent media

ie. tv, magazines, newspapers, radio, internet

32
Q

Persuasive ads sell via….

A

The product image, style, aspirations

33
Q

Informative ads sell via…

A

Information

34
Q

Below the line promotion offers….

A

A range of alternative promotion strategies

35
Q

Below the line promotion examples…

A
Personal selling
Packaging
Sale promo
Direct mailing
Exhibitions
PR
36
Q

Define ‘place’

A

Place is where businesses sell products and their methods

37
Q

Why is place important?

A

It’s used to establish identity

To sell through ranges

38
Q

What does distribution mean?

A

How goods get to the consumer

ie. via wholesaler, retailer, direct

39
Q

Using a combination of channels of distribution is called….

A

Multi channel distribution

40
Q

Priorities of the marketing mix depend on….

A

Consumer needs
Competitors actions
Nature of product

41
Q

How marketing mix effects local markets

A

Specific tactics used to adapt to local trends

42
Q

How marketing mix effects national markets

A

Need for consistency

Brand needs to be known

43
Q

How marketing mix effects global markets

A

Identifiable brand needed
Ads need to b as homogenous as possible
Different pricing my be needed

44
Q

How marketing mix effects goods & services markets

A

Services harder to market - thus key to be clear & simple

45
Q

How marketing mix effects niche markets

A

Need to understand fully the needs and desires of the niche

46
Q

How marketing mix effects mass markets

A

Not an option for some as hugely expensive development costs