Marketing Flashcards
What is meant by physical market?
an actual destination
what is meant by a virtual market?
online market
what is meant by multi channel distribution?
Selling using a wide range of methods e.g shops/online
What is the role of wholesalers in the channel of distribution?
break bulk. buying large quantities from manufacturers and sell to smaller retailers
What is the role of retailers in the channel of distribution?
sell to conumsers
How has technology led to shorter channels of distribution?
by directly from manufacturers, no profit needed for wholesaler
Why is good customer service important?
may induce customer loyalty which could lead to repeat purchase
Factors that influence marketing mix
- Position in product life cycle
- Boston Matrix
- Type of product
- Marketing objectives
- Target Market
- Competition
- Positioning
why may position in product life cycle may influence marketing mix?
A firm may use price skimming when launching product and lowering when it grows
Why may boston matrix influence marketin mix?
A firm may invest in problem child to gain market share
Why may marketing objectives influence marketing mix?
Firm may try to gain market share by using multi channel distribution to gain as many customers as possible
Why may positioning influence the marketing mix?
A firm may alter products in order to tailor it to the specific target market
