marketing Flashcards
the marketing mix is
the 4 P's product price promotion place
product involves
the design mix
the design mix 3 parts
function - how well the product works
aesthetics - how it appeals to customers
costs of creating the product
4 things the design mix needs to reflect
social trends
designing for waste management
re-use and recycling
ethical sourcing
4 main types of promotion
advertising through media
viral marketing
emotional marketing
public relations and sponsorship
3 types of branding
product -label or logo
personal -associated with celebs
corporate -range or positive images about itself
3 benefits to strong branding
added value
could charge premium prices
reduced elasticity of demand
6 types of pricing strategies
cost plus pricing price skimming penetration pricing predatory pricing competitive pricing psychological pricing `
cost plus pricing
add all costs together and add a mark up % to create a profit margin
price skimming
set high price before competitors come into market (superior product)
penetration pricing
low price to attract customers to achieve market share
predatory pricing
prices deliberately set low to drive out competitors
competitive pricing
charge whatever others charge, weak brand
psychological pricing
price set to make customers believe its cheaper than it actually is
4 stages of product life cycle
introduction
growth
maturity
decline
