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BUSS2 > Designing an effective marketing mix > Flashcards

Designing an effective marketing mix Flashcards

1
Q

What is the marketing mix?

A

The integration of product, place, promotion and pricing designed to achieve the marketing objectives of the business.

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2
Q

What is product development?

A

Changing aspects of goods and services to meet the changing needs of customers or to target a different market.

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3
Q

What is the product line?

A

A set of related goods or services.

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4
Q

What is the product mix?

A

The full range of products offered by a business, also known as product portfolio.

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5
Q

What is Unique selling point?

A

A feature or function of a product that makes it different to any other on the market.

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6
Q

What is product differentiation?

A

Creating a perceived difference for a product in a competitive market.

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7
Q

What is product portfolio analysis?

A

Analysing the existing product mix to help develop a balanced range of goods and services.

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8
Q

What is the Boston Matrix?

A

A method of analysing the products in a firm’s portfolio based on relative market share and market growth.

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9
Q

What is the product life cycle?

A

The path of a product from its introduction onto the market, to its eventual disappearance from that market.

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10
Q

What is promotion?

A

Bringing a product or range of products to the attention of existing and potential customers.

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11
Q

What is sales promotion?

A

Offers designed to increase sales.

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12
Q

What is promotional activities?

A

The ways in which a business can communicate with its potential and existing customers with the aim of increasing sales.

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13
Q

What is direct selling?

A

A way of selling directly to the final consumer within another intermediary.

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14
Q

What is merchandising?

A

The visual presentation of a product to the consumer at the point of sale.

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15
Q

What is advertising?

A

The use of media to communicate with consumers.

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16
Q

What is public relations?

A

Communicating with the media and other interested parties to enhance the image of the business and its product, and thereby increase sales.

17
Q

What is branding?

A

Creating an identity for a business and its products to differentiate it from its rivals in the market.

18
Q

What is the promotional mix?

A

The combination of promotion activities which make up a campaign to communicate with a target market.

19
Q

What are pricing strategies?

A

Long term pricing plans which take into account the objectives of the business and the value associated with the product.

20
Q

What is price skimming?

A

Entering a market with a high price to attract early adopters and recoup high development costs.

21
Q

What is penetration pricing?

A

Below market pricing to gain a foothold in an established and competitive market.

22
Q

What is the price leader?

A

A product that has significant market share and can influence the market price.

23
Q

What is the price taker?

A

A firm which sets it prices at the same or smaller level to those of the dominant firm in the industry.

24
Q

What are pricing tactics?

A

The manipulation of price to achieve a specific short -term objective.

25
Q

What is a loss leader?

A

A product sold at less than cost to attract customers to a product range.

26
Q

What is psychological pricing?

A

The use of odd number pricing to increase the value-for-money appeal of a product.

27
Q

What is price elasticity of demand?

A

The responsiveness of demand for a product to a change in its price.

28
Q

What is price inelastic demand?

A

The demand for a product changes relatively less than the change in price.

29
Q

What is price price elastic demand?

A

The demand for a product changes relatively more than the change in price.

30
Q

What is distribution channels?

A

Methods by which a product is sold to the customer.

31
Q

What is direct sale?

A

Where no intermediaries are used.

32
Q

What are intermediaries?

A

Organisations involved in the distribution of goods and services on behalf of other businesses.

33
Q

What is the business to business markets?

A

Companies meeting the needs of other businesses in the market place.

34
Q

What are business to consumer markets?

A

Companies meeting the needs of final consumers of goods and services.

BUSS2 (15 decks)

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