Chapter 5 - Marketing Flashcards
What does the marketing mix cover
Product, place, promotion and price
What are two different factors factors segment a market
Age, income, gender, location and lifestyle
How can market data be used by a business
Market data can be utilised by a business to identify a gap in the market
Name three methods of market research
Questionnaires, surveys, interviews, focus groups, observation, trialling
How can market research be displayed
Through:
- Charts
- Tables
- Graphs
What are the stages of the product life cycle
1) Introduction
2) Growth
3) Maturity
4) Decline
What is the aim of an extension strategy
They extend the life of a product by slowing down the decline
How are product portfolios analysed
Through Boston Matrix graphs
What are the four different types of product portfolio
- Question marks
- Dogs
- Stars
- Cash cows
What are the positives and negatives of product development
+ More sales
+ Good reputation
- Cost and time
- Risk of wasting resources
Name both an internal and external factor that affects price
Internal:
- Technology
- Method of production
- Product life cycle
External:
- Competition
- Market segments
- Material cost
Name three types of pricing strategy
Penetration, loss leader, promotional, skimming, competitive, cost-plus
Name three methods of promotion
Newspapers, magazines, posters, leaflets, TV, Internet, radio
What are the three distribution chanels
- selling to wholesalers
- selling direct to retailers
- selling direct to customers
