Marketing Flashcards
What are the three roles of a marketing mix?
Identify, Anticipate, Satisfy
What is the marketing mix?
A combination of elements through which a firm achieves their marketing objectives. ( 4 P’s )
Name 4 marketing objectives.
1) Expand business
2) Innovate portfolio
3) Achieve customer loyalty
4) Survival and security
What does it mean to be market orientated?
Basing products on customer needs
What are two advantages of being market orientated?
1) On top of new fashions
2) Customers needs are met
What are two disadvantages of being market orientated?
1) Market research
2) Product may be of poor quality
What does it mean to be product orientated?
Basing products on business strengths
What are two advantages of being product orientated?
1) Will always be good quality
2) No market research
What are two disadvantages of being product orientated?
1) May not be in demand
2) Market changes are not accounted for
What does it mean to be asset-led?
Basing products on strengths that fit customer needs
What are two advantages of being asset-led?
1) Will be of good quality
2) Demand will be met
What are two disadvantages of being asset-led?
1) Can miss opportunities if focusing on strengths
2) Demand may not match strengths
What is a marketing mix?
A combination of elements through which a firm achieve their marketing objectives.
What is a product?
Good or a service with key features and functions.
What is price?
The amount of money demanded for the product.
What is promotion?
Communication with the market for product recognition.
What is place?
The physical and online existence of a business.
What 5 factors effect the marketing mix?
Market research Customer Cost Competition Ethics
What is the role of a product portfolio analysis?
Looks at range of products in a firm, weighing out its positives and negatives.
What is the Boston Matrix a type of?
Product portfolio analysis
What is the Boston Matrix?
Tool used to analyse portfolio and past and future sales
What are the four states in a Boston matrix?
Star = highest growth and share Problem = highest growth low share Dog = lowest growth and lowest shares Cow = lowest growth and highest share
What is branding?
Process where a business differentiates itself via name, slogan and design.
What is brand contagion?
Where an aspect or product has a negative reputation.
What are the four stages of a product life cycle?
Intro, growth, maturity then decline.
What are the two types of product differentiation?
Distribution = both physical and online sales Proliferation = variety of products in business
Why do businesses use extension strategies?
To maximise sales and hold off decline.
In what 3 ways can businesses extend their product life cycle?
Change product, modify P’s, extend portfolio.
Why is price important?
1) Cover costs
2) Competition costs
3) Customer income
What are the 6 pricing strategies?
1) Price skimming (high)
2) Penetration (low)
3) Competitive
4) Cost plus (covers cost)
5) Psychological
6) Contribution (covers all finances)
What is the difference between cost and contribution?
Cost = based on what it cost to make that one item Contribution = after all direct costs have been taken from earnings
Why is promotion important?
Growth of business through awareness of products
What is a corporate image?
Overall perception of the business
What does AIDA stand for?
Attention, interest, desire, action
What is the difference between above and below the line promotion?
Above the line = on the TV and magazines
Below the line = support advertisements, leaflets
What are 4 types of promotion?
Sales, direct selling, exhibitions and fairs, PR
What does it mean if a business has multi-channelling distribution?
Based in more than one place
What are the key influences of types of distribution?
Convenience, speed, cost
What is distribution?
Process of getting product to target market.
What are the three methods of distribution?
Whole seller, Manufacturer to retail, direct selling
What is e-commerce?
Buyers and sellers meeting in a virtual market place
What is e-tailing?
Process of ordering products online
