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.

23
Q

One con of physical stores (for customers)?

A

Have to travel to the location.

24
Q

One pro of online stores (for customers)?

A

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

25
Q

One con of online stores (for customers)?

A

Have to wait for delivery.

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.

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
A

Business (3 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions