Marketing Flashcards
Roles of Marketing
1.Awareness of product/services
2.To build brand awareness and trust
3.To make consumers pay more for a product
What is market oriantation
Whena business products are made wholey based on market needs and wants
Advantages of market oriantation
- Flexible to changes in tastes
- Decisions based on effective market research
- Meet customer needs
- Gain brand loyalty
Disadvantages of market oriantation
1.High market research costs
2. Constant change
3. Unpredictical future- staff worry
4. Abandonment of ealier investment
What is product oriantation
A business who will sell whatever they can make
Advantages of product oriantation
1.Increase in EOS
2.Focus on product developement
3.Focus on quality
Disadvantages of product oriantation
- Wont respond to changes in market
- Fashion taste not accounted for
What is Asset-led marketing?
How to best use your assets to match customer needs
Advantages of assest-led marketing?
1.Listen to market needs
2.Awareness of weaknesses
What are the 4 factors of marketing mix
Price, Place, Product,Promotion
What is a product
A good or service that a business supplies
Advantages of branding
1.Brand loyalty
2.Differentiates products
3. Increase in price
4.Increase recognition
5.Brand image
Disadvantages of branding
1.Cost of advertising
2.Lose brand values
3.Increase competition
What is USP
Unique selling point by using factors to differentiate your product to competitiors
Ways to differentiate product
1.Promotion
2.Packaging
3.Quality
4.Relibility
What is a businesses product portfolio
The range and mix of products that a business sells
Advantages of a strong product portfolio
1.Increase EOS - spreads costs
2.Wider target market
3.Decrease risk
4. More opportunity for growth
What is a product life cyle
Shows stages of a products life
Stages of product life style
1.Introduction
2.Growth
3.Maturity
4.Saturation
5.Decline
What is the point of exstention stratigies and give examples
To increase product life style
1. Reposition in market place
2.Relaunch product
4 sections in the boston matrix
Dog, problem child, cash cow, star
What is a cash cow (boston matrix)
HIgh market share, low market growth.
Very profitable, low advertisement as customers know the product.
What is a star (boston matrix)
HIgh market share and high market growth.
High potential for profit but high competition but high costs of advertisement
What is a problem child (boston matrix)
Low market share, high market growth.
Product failing as consumers choose competitiors
What is a dog (boston matrix)
Low market share low market growth.
Advantages of boston matrix
- Simple to use
2.Helps decide on strategies
3.Easy to make
4.Help know where to allocate resources
Disadvantages of boston matrix
1.Too simple
2.Assumptions
3. Terms are misleading
What is penetrarion pricing
Price starts low but increases - short term
Market skimming
HIgh price at first and then slowly drop as competitors increase
Psychological pricing
Pricing at a point whre it feels cheaper like 1.99
Loss leaders
sell at a loss to gain market share
Difference between Above and below the line promotion
Above the line is to a large mass audience.
Below the line is specific and small to audience
Examples of above the line production
1.TV
2.Radio
3.Newspaper
4.cinema
Examples of below the line production
1.Packaging
2.Sales promotion - buy one get one free
3.Public relations
4.Direct mailing
