chapter 12 - the marketing mix Flashcards
definition of:
marketing mix
a term used to describe the activities which go into marketing a product/ service
the 4ps of marketing mix?
price
place
promotion
product
what kind of products are there?
consumer goods
consumer services
producer goods
producer services
what makes a product successful?
- design
- quality
- not difficult to make
- satisfy customers’ needs and wants
stages of product development
- generate ideas
- select best ideas
- decide whether it will be successful in market
- develop prototype
- launch product to test market
- go to a full launch to whole market
benefits of developing new product
- unique selling point
- diversification of business
- expand into new/ existing market
cost of developing new product
- lack of sales if target market is wrong
- loss of image if fails to meet customers needs
- cost of developing prototypes
- cost of carrying out market research and analysing findings
definition of:
unique selling point
special features of a product that distinguishes it from competitors’ product
definition of:
brand image
an image or identity given to a product which gives it a personality that distinguishes it from other competitor’s brand
definition of:
brand name
unique name given to a product that distinguishes it from other brands
definition of:
brand loyalty
customers repeatedly buy from the same brand of product instead of competitor’s product; business ensures repetitive sales
definition of:
packaging
physical container or wrapping for a product, often for selling appeal and promotion
role of packaging
- suitable for product
- promotion
- provides info abt product
product life cycle
introduction
growth
maturity
decline
introduction of product life cycle
price skimming
informative advertisement
no sales yet
no profit yet
