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Business study Year 12 > M1 topic 4 marketing strategies part 1 segmentation,differentiation,positioning, product, price > Flashcards

M1 topic 4 marketing strategies part 1 segmentation,differentiation,positioning, product, price Flashcards

1
Q

What is differentiation

A

developing and promoting the differences between the business’s Goods and services from those of its competitors

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2
Q

How do businesses differentiate themselves (5)

A

Good Value for money
Customer service
Environmental concerns
convenience
Social ethical issues

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3
Q

What is the total product concept

A

the tangible and intangible benefits a product possess

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4
Q

what is a brand

A

the name, term, symbol or design that identifies and distinguishes a product from its competitors

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5
Q

what are the benefits of developing a brand for businesses (2)

A

Customer recognise product = repeat sales
Customer loyalty = ↑price

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6
Q

what is a trademark

A

the registered brand name/symbol business has exclusive right to use

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7
Q

what are types of branding strategies (3)

A

Manufacturer’s brand
House brand
Generic brands

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8
Q

what is packaging

A

the container and graphic design for the product

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9
Q

what are the advantages of good packaging (3)

A

Positive first impression = encourages purchase
Protect and preserves the product
Makes storage + distribution easier

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10
Q

what is labelling

A

the presentation of information on a package

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11
Q

what is price

A

the amount of money customers are prepared to offer in exchange for a product

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12
Q

why is having good pricing important

A

leads to Optimal sales

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13
Q

list types of pricing methods (3)

A

cost based pricing
market based pricing
competition based pricing

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14
Q

what is cost based pricing

A

when a mark up is added to the cost of production

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15
Q

what is mark up

A

a percentage of the cost amount that is added to production cost to gain profit

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16
Q

what is market based pricing

A

setting prices based on level of supply and demand

17
Q

what is supply

A

quantity of product businesses willing to offer for sale at particular price

18
Q

what is demand

A

the quantity of the product consumers are willing to purchase at particular price

19
Q

what happens during a shortage of supply (2)

A

demand increases
profit increases

20
Q

what happens if there is surplus of supply (2)

A

demand is less
prices decrease

21
Q

what is competition based pricing

A

price that covers costs and is comparable to the competitor’s price

22
Q

what happens if the products price is below the competitor’s

A

Allows Business to breaks into an established market

23
Q

what happens if the products price is equal the competitor’s (2)

A

avoid market research
avoid risk of price war

24
Q

what happens if the products price is above the competitor’s

A

product is viewed as more prestigious

25
Q

list types of pricing strategies (5)

A

Price skimming
price penetration
loss leader
price points
prestige pricing

26
Q

what is price skimming

A

charging the highest possible price for the product in the introductory stage

27
Q

why is price skimming used (2)

A

In order to maximise profits due to hype
Recover research and development costs quicker

28
Q

what is price penetration

A

charging the lowest price possible for a product to achieve a large market share whilst still making profit

29
Q

what is loss leader pricing

A

pricing a product at or below cost price in order attract customers who may buy other products

30
Q

what are price points

A

selling similar product models with different features at predetermined prices

31
Q

why are price points used for

A

to encourage customers to trade up to a more expensive models

32
Q

what is prestige pricing

A

charging a high price to give a product an aura of quality

Business study Year 12 (33 decks)

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