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Chapter 12 Marketing mix: product Flashcards

1
Q

What is the marketing mix

A

Describes all the activities which go into marketing a product or service. Includes the product, price, place and promotion

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2
Q

4Ps of the Marketing mix

A

Product
Price
Promotion
Place

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3
Q

What is product (marketing mix)

A

Applies to the good/service itself.
Addresses the design, features and quality of the product.
Most imp P

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4
Q

What is price (marketing mix)

A

The price of the product/service itself.

Must cover all costs

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5
Q

What is place (marketing mix)

A

Refers to the channels of distribution which are selected.

How and where your products get sold

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6
Q

What is promotion (marketing mix)

A

How the product is advertised/promoted.

How people are made aware of the product.

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7
Q

Types of product

A

Consumer good
Consumer service
Producer good
Producer service

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8
Q

What is a consumer good

A

Goods used to satisfy individual wants and needs which are consumed by the consumer themselves.

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9
Q

What is a consumer service

A

A service that is directly consumed by the consumer themselves.
Eg: house cleaning

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10
Q

What is a producer good

A

Goods that are produced for the production of other goods.

Eg: Machinery:

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11
Q

What is a producer service

A

Services that a business provides for other businesses.

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12
Q

Characteristics of a successful product

A

Shouldn’t be difficult/expensive to produce.

The quality of the product should be appropriate for the brand image

The product should be unique or have a unique feature.

The product needs to satisfy consumer wants and needs.

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13
Q

Stages of product development

A

Generate ideas
Select the best ideas for further research
Decide if the company would be able to sell enough
Develop a prototype
Launch the product in a small area
Large scale launch if the small one was successful

Ideas, selection, sell, prototype, test, launch

ST LISP

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14
Q

Generate ideas stage (1) - product dev

A

Brainstorm within the firm

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15
Q

Decide if company can sell enough (3) - product dev

A

Compare the price of the product to the cost of production

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16
Q

Develop a prototype (4) - product dev

A

Gives insight into the processes of production, the requirements, etc.

17
Q

Launch product in a small area (5) - product dev

A

Small scale launch/pilot test to see the reaction of the customers

18
Q

Full launch of product (6) - product dev

A

Large scale launch

19
Q

Benefits of creating a new product

A

if the product has a USP - can lead to more market share in new or existing markets.

Allows business to diversify

20
Q

What is a USP

A

Unique selling point, a special feature of a product that differentiates itself from the products of competitors.

21
Q

Costs of creating a new product

A

Market research cost
Trial costs
If the target market is wrong then wont make much money
Company image may take a hit if product fails to satisfy customer needs and meet expectations

22
Q

What is a brand name

A

Unique name of a brand that distinguishes it from other brands

23
Q

What is brand loyalty

A

Consumers keep buying the same brand again and again instead of choosing a competitor’s brand

24
Q

What is a branding

A

Process where a business makes itself known to the public and differentiates itself from competition

25
Q

What is a brand image

A

Identity given to a product which gives it a personality of its own and distinguishes it from competitors.

26
Q

Imp of branding

A

Influences the public perception of a firm and its products

People may purchase the brand and the lifestyle along with the product

27
Q

What is packaging

A

Physical container or wrapping for a product. Used for promotion and selling appeal

28
Q

Characteristics of good packaging

A 
Protects the product
Easy to transport 
Easy to open and use 
Suitable for product to fit in
Eye-catching 
Innovative 
Carries info about the product 
Promotes the brand image
29
Q

What is the product life cycle

A

Describes the stages a product will pass through. Includes the development, introduction, growth, saturation, maturity and decline stages

30
Q

Stages of product life cycle

A 
Development
Introduction 
Growth 
Maturity 
Saturation 
Decline
31
Q

What is the development stage

sales at this stage

A

The product is developed. Prototype is created and market research is carried out before product is launched.
No sales

32
Q

What is the introduction stage

A

Initial launch of product in the market.
Consumers are discovering the product
Almost no sales

33
Q

What is the growth stage

A

Stage at which sales grow rapidly, profits grow rapidly
Business can cover the cost of development and production now
Use more informative advertisements since customers are finding out about the product.
Competition starts to enter the market

34
Q

What is the maturity phase

A 
Sales will grow at a slower pace now. 
By now there's a lot of competition 
Competitive or promotional pricing is used 
Profits are at their peak 
Informative advertising is used
35
Q

What is the saturation phase

A

Sales stabilize at their highest point.

36
Q

What is the decline phase

A

Sales start to reduce

Product has lost its appeal and is withdrawn from the market

37
Q

What is an extension strategy

A

Way of keeping a product at the maturity stage and extended in the product life cycle

38
Q

Some extension strategies

A

Introduce new variations of the same product
Small changes in colour, design, packaging
Sell through additional, different retail outlets
Sell into new markets
Introduce a new and improved version of the same product
Use a new ad campaign

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