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Business Studies > Chapter 19- Marketing Mix > Flashcards

Chapter 19- Marketing Mix Flashcards

1
Q

What is the marketing mix?

A

A combination of four elements that can help a business market its products or services to its target market

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2
Q

What are the 4P’s?

A

Product
Price
Place
Promotion

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3
Q

Product:

A

A product is the actual item (either a physical good or a service) provided to meet customer’s needs

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4
Q

What influences the success of a product?

A

Design
Product Life Cycle
Branding
Unique Selling Point (USP)

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5
Q

Talk about a specific product you have studied in relation to PRODUCT.

A

Apple mostly comes out with a new iPhone product every year, which replaces the previous ones

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6
Q

What are the iPhone products currently available and where are some on the Product Life Cycle?

A 
iPhone X (introduction)
iPhone 8 (growth)
iPhone 7 (maturity)
iPhone 6s (decline)
iPhone SE (decline?)
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7
Q

What is the USP?

A

The unique selling point is what makes the product different from the competition and is highlighted to encourage people to buy the product

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8
Q

What USPs does the Apple iPhone have?

A
  • Unique operating system (iOS)
  • Apps that can only be bought in the Apple App Store
  • Good quality camera, although it is debated whether it is the best
  • Siri
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9
Q

Price:

A

Refers to the amount of money a seller charges a customer for a product or service

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10
Q

What does the price charged depend on?

A 
Cost of producing product/ service
Amount of profit the business wants to make
Stage of product life cycle
Competitor’s prices
Target market
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11
Q

Pricing Strategies:

A

Cost-plus pricing
Loss leaders
Premium pricing
Penetration pricing

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12
Q

Cost-plus pricing:

A

Takes the cost to make the product and adds a percentage of profit on to get the final cost of the item for customers

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13
Q

Loss leaders:

A

Selling a product below the cost it takes to make in order to attract customers

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14
Q

Premium pricing:

A

Charging a permanently high price to give the impression of luxury

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15
Q

Penetration pricing:

A

Charging a low price when a product is first introduced to encourage sales but increasing the price once sales have reached a certain level

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16
Q

Apple iPhone pricing strategy:

A

Apple use a premium pricing strategy for their iPhone products. They charge a high price for their products and this is accepted by their target market as they are loyal to Apple (brand loyal)

17
Q

Place:

A

Refers to where customers will buy the product and the channel of distribution used to get the product to its location

18
Q

Channel of distribution:

A

Refers to the way in which the product gets from the manufacturer to the consumer.

19
Q

What are the 4 different channels of distribution?

A

Manufacturer to Consumer EG online from company website
Manufacturer to Large Retailers EG Tesco
Manufacturer to Wholesaler to Retailer EG Dealz
Manufacturer to Wholesaler to Consumer EG Amazon

20
Q

Apple iPhone and Place:

A

Apple use the following channels of distribution to sell their iPhone:

Manufacturer to Consumer through their website (www.apple.com) and their Apple Stores
Manufacturer to Large Retailers EG CompuB and Harvey Norman

21
Q

Promotion:

A

Refers to raising customer awareness of the product or brand in order to increase sales and create brand loyalty

22
Q

Methods of promotion: (4)

A

Advertising
Sales Promotion
Social Media
Celebrity Endorsement

23
Q

Advertising:

A

Includes communicating with the public to let them know about a product and get them interested in buying it EG television, radio, newspapers and billboards

24
Q

Sales Promotion:

A

There are incentives offered to customers to attract them to buy a product EG free samples

25
Q

Social Media:

A

Many businesses use social media to promote their product to potential customers EG Facebook

26
Q

Celebrity Endorsement:

A

Businesses pay celebrities to promote their products by wearing them or appearing in an advert for the product EG David Beckam and H&M

27
Q

Apple iPhone and Promotion:

A

Apple uses the following promotional methods to get customers interested in their iPhone products:

Advertising
Personal selling
Social media

28
Q

Apple and advertising

A

Apple advertise by many means, such as the television, online adverts, magazines and billboards

29
Q

Personal selling:

A

Sales people in their stores help customers pick the product suitable for them. Apple are also known for their after-sales support services IE ‘Genius Bar’

30
Q

Apple and social media

A

Apple have social media accounts on Facebook and Instagram

Business Studies (26 decks)

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