Decisions about marketing mix Flashcards
What is the marketing mix
How a business combines its product, its price, uses promotion and the place of sale in order to be successful.
What is a brand
A brand is the marketing practice of creating a name, symbol or design that identifies a product and differentiates it from others
What are the types of branding
Product - Where the item has a unique logo or packaging which customers are familiar with
Personal - where the product is associated with a celebrity or sports personality
Corporate - Where the business advertises a broad range of positive images about itself.
Explain the goal with global marketing
Global marketing attempts to increase sales through promotion and advertisements to the international market.
What would the marketing mix be like for small local business
Product: Targeted at local market needs such as food or commodities
Price: Competitive if there are many competitors, such as newsagents.
Place: Through local distribution shops
Promotion: Adverts in local newspapers, on local radio etc.
Pros and Cons marketing mix for small local business
Pros: costs are kept low
Cons: Potential for growth in sales and market shares is limited so limited profits.
What are the opportunities when marketing globally
Larger potential market
Spreads the risk being in a number of markets
Earn greater profits
Difficulties when marketing globally
More risky selling abroad
Economic factors in different places
Competition will be higher
Difficulties when marketing globally
More risky selling abroad
Economic factors in different places
Competition will be higher
