C1F Marketing Mix Flashcards
4 components of marketing mix
Product
Price
Promotion
Place
when a marketing mix is based on what a market wants it is …
Market orientated
Benefits of market orientation
Flexible to changes in fashion
Based on market research
Designed to meet needs
Drawbacks of market orientation
Market research costs
Constant change
Unpredictable
When the marketing mix is focused on the internal strengths of the business…
Product orientated
Benefits of product orientation
+ EOS
+ focus on product development
+ Focus on quality
Drawbacks of product orientation
- market change ignored
- don’t consider consumer needs/wants
- fashion not considered
When the marketing mix is focused on what is good and applying it to satisfy demand
Asset led
Benefits of being asset led
+ quality
+ progressive change
+ max return on assets
What is product breadth?
No. of product lines
What is product depth?
No. of product varieties
3 advantages of branding
\+ increased loyalty \+ distinguish from competition \+ increase PED \+ ease choice \+ increase value
3 drawbacks from branding
- high advertisement costs
- delicate reputation
- high R&D costs
- brands invite comp
Methods of product differentiation
- promotion
- add-ons
- quality
- form
- packaging
5 stages in the product life cycle
- Intro
- Growth
- Maturity
- Saturation
- Decline
Why use extension strategies on a products lifecycle?
- replace ageing products
- prevent decline
Examples of extension strategies for a product life cycle
Relaunch
Reposition
Rebrand
4 areas in the Boston Matrix
Market Question marks —— Stars
Growth ———————————————
Dogs —— Cash cows
Market share