Integrated Marketing Mix Flashcards
What must marketing mix take account of?
Positioning
position of product life-cycle
Boston matrix
type of product
marketing objectives
target market
competition
How is marketing mix effective by product life cycle?
Lots of promotion in the growth stage to increase the number of people who see your products
How is the marketing mix affected by Boston matrix?
If the product is a cash cow to keep it with a high market share you could add modifications as well as this you could build a success of the start by investing more in
How does the type of product affect the marketing mix
If the product has a higher quality (luxury) it can charge a higher price
How does marketing objectives affect the marketing mix?
The way the firm chooses to promote the product to increase sales and the volume of people purchasing the product
How does target market affect the marketing mix?
Is the target market a certain demographic? You could promote differently for example, young people and the presence of technology.
How does positioning affect marketing mix?
A product that is good value for money doesn’t need to be a high price – the product is altered and physical environment will reflect lower price
How does competition affect the marketing mix
Have a better process for customers to buy the product so better customer services and better repeat business. You could also have a new product development to differentiate itself from competitive.
