Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Business > Developing a marketing campaign > Flashcards

Developing a marketing campaign Flashcards

Marketing Mix

1
Q

What is the marketing mix

A

Analytical model used by businesses to attract customers in which price, product, distribution (place) and promotion is used (4 P’s).

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Price (4 p’s)

A

How much the customer pays for product/service. Important that companies understand how much their target audience are willing to pay.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Product (4 p’s)

A

The product (or service) that the customer obtains. It is important that the product/service aligns with the needs of its customers.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Place (4 p’s)

A

How the product is distributed and where customers can buy. It is important to provide customers with the opportunity to purchase in a variety of places with are convenient for them.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Promotion (4 p’s)

A

Activities undertaken by a business to generate interest and make customers aware of the products/services which they sell. This is important because it attracts customers and persuades them to buy.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Examples of product development?

A

Form and function, packaging, branding.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Examples of pricing strategies?

A

Penetration, skimming, competitor based, cost plus.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Examples of promotional advertising?

A

Public relations (PR). Sponsorship, use of social and other media, guerrilla marketing, personal selling, product placement, digital marketing, corporate image.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Examples of place?

A

Distribution channels: direct to end users (mail/online/auction), retailers, wholesalers.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Examples of extended marketing mix?

A

People, physical environment, process.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What are tangible items?

A

Physical items (can be touched) e.g. shoes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

What are intangible items?

A

Services (can’t be touched) e.g. pet sitting

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

What is product form?

A

What a product looks like, feels like, sounds like etc - aesthetics

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

What is product function?

A

What a product’s purpose/ role is. What should it do? How well does it do it?

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

What is branding?

A

A way of clearly highlighting what makes your product/service different to/more attractive than competitors.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

What is a retailer?

A

A shop or chain of shops, usually selling from a building in high street or shopping centre.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

What is an E-tailer?

A

An electronic retailer.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

What are the two types of E-tailers and what is the difference?

A

Direct- product to consumer
or
Sales through e-tailer e.g. Selling through Asos

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

How do you get into a retailer (3 reason’s)?

A
  • Show that the brand offers something really different
  • Show how strong the marketing behind the product is going to be
  • Provide an acceptably high level of profit for the retailer.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

How to keep distribution from the retailer continuous (two reasons) ?

A

-Regular promotional support e.g half price offers, pushed by the manufacture
-Getting sales even when there is no promotional support

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Is gaining retailer distribution difficult? Why?

A

It can be difficult, as shops like Tesco are aware of small brands that may sell slowly and end up going out of date.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

One pro of physical stores (for customers) ?

A

Physical store you can touch, hold feel, try on, smell etc the products.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

One con of physical stores (for customers)?

A

Have to travel to the location.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

One pro of online stores (for customers)?

A

Lower costs and don’t have to travel to store.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

One con of online stores (for customers)?

A

Have to wait for delivery.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

What is penetration pricing?

A

A product is sold into a market at a low initial price in order to generate sales before the price is increased.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

What is skimming?

A

Setting a reasonably high initial price in order to get high initial returns from consumers willing to buy new product.

28
Q

What is cost plus? And what is the equation?

A

Used to determine the retail or wholesale price of products or services taking into account the unit cost.
Cost + markup % = Final price.

29
Q

What is Guerilla marketing?

A

When a company uses surprise/unconventional methods and interactions to promote a service/product.

30
Q

One pro of guerilla marketing?

A

Less expensive.

31
Q

One con of guerilla marketing?

A

More unpredictable due to data being more difficult to track.

32
Q

What are the four types of Guerilla marketing?

A

Outdoor, indoor, event ambush and experiential.

33
Q

What is outdoor guerilla marketing?

A

Something unusual in outdoor environment, often in urban areas with foot traffic.

34
Q

What is indoor guerilla marketing?

A

Taking advantage of enclosed public areas to generate hype.

35
Q

What is event ambush guerilla marketing?

A

Leveraging events to promote.

36
Q

What is experiential guerilla marketing?

A

Creating memorable experiences for consumers.

37
Q

What is competitor based?

A

Businesses need to remain aware of their competitors pricing strategies or they may lose some of the market share by appearing to overcharge for similar products.

38
Q

What does AIDA stand for?

A

Awareness, interest, desire, action.

39
Q

What is AIDA used for?

A

AIDA is used as it leads into paying customers. By breaking down the buying process, advertisers can identify more opportunities to promote their product.

40
Q

What is an advantage and disadvantage of using public relations as a promotional method?

A

Elevated brand awareness, potential for negative/false info to spread.

41
Q

What is an advantage and disadvantage of using a sponsorship as a promotional method?

A

Connects business with target audience, can be expensive and risk of negative association with sponsored events.

42
Q

What is an advantage and disadvantage of using personal selling as a promotional method?

A

Builds trust with customer and establishes a personal connection, training is costly and there is a negative image of a salesman.

43
Q

What is an advantage and disadvantage of using sample promotion as a promotional method?

A

Word of mouth and increases product exposure, may not reach large target market and can be expensive.

44
Q

What is an advantage and disadvantage of using digital media as a promotional method?

A

Increases audience to reach target market, increases competition as many businesses have turned to digital marketing.

45
Q

What is mass market?

A

When a business sells into the larger part of a market, where there are many similar products on offer. Products/services likely to be used by general population and meets the needs of different genders, ages, etc.

46
Q

Name three advantages of mass market.

A

Wider customer reach, increased brand awareness and greater profit potential.

47
Q

Name three disadvantages of mass market.

A

More competition, less personalisation, companies rely on volume to improve total profit.

48
Q

What is niche market?

A

Restricted to special interest/needs.

49
Q

Name three advantages of niche market.

A

Can charge higher prices, increases brand loyalty, special skill/knowledge.

50
Q

Name three disadvantages of niche market.

A

Limits growth potential, financial vulnerability as depends on specialised market, likely to attract competition.

51
Q

What is an aim?

A

The overall long-term target/goal of a business.

52
Q

What is an objective?

A

The short term steps a business needs to take to meet its overall aim. Objectives need to be SMART.

53
Q

What does SMART stand for?

A

Specific, measurable, attainable, realistic, time-bound.

54
Q

What does SWOT stand for?

A

Strengths, weaknesses, opportunities, threats.

55
Q

Give 3 examples of internal SWOT

A

Customer perception, financial position, revenue.

56
Q

Give 3 examples of external SWOT

A

Political, economical, environmental.

57
Q

Give an example of two strengths using ice-cream kiosk SWOT

A

Ice cream can be made/developed in range of flavours, location in a busy shopping centre, lots of passing trade- high footfall.

58
Q

Give an example of two weaknesses using ice-cream kiosk SWOT

A

The ice cream business is entering a new market - kiosks, storage of ice creams in kiosks may be difficult

59
Q

Give an example of an opportunity using ice-cream kiosk SWOT

A

Ice cream market is growing.

60
Q

Give an example of two threats using ice-cream kiosk SWOT

A

Increased interest in healthy eating trend, very competitive market

61
Q

What does PESTLE stand for?

A

Political
Economical
Social and cultural
Technological
Legal
Environmental

62
Q

What are political influences? Give an example. (SWOT)

A

Decisions made by the government which will have an impact within a particular environment.
If a government decides to increase the rate of
income tax this may mean that people will have less disposable income. Less disposable income= less money to buy goods and services from businesses.

63
Q

3 Examples of economical influences? (SWOT)

A

Inflation rates, interest rates and unemployment rates.

64
Q

What are social influences? Give an example. (SWOT)

A

Cultural and demographic aspects of an environment. Examples include language and culture, religion, educational attainment.

65
Q

What are technological influences? (SWOT)

A

Refer to innovations in technology that affect an individual, an industry and the market.

66
Q

What are legal influences? (SWOT)

A

The legal environment is constantly changing as the government introduces new laws through parliament. These laws affect individuals and organisations by making certain things illegal or legal, or stating that they should be carried out in a specific way.

67
Q

What are environmental influences? (SWOT)

A

Our surroundings. Society is more aware of the damage that individuals and businesses can inflict on the environment as well as looking for ways to protect it.

Business (3 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions