Marketing and strategy Flashcards
What are the 4 Ps of the Marketing Mix?
Price, Place, Product and Promotion
what are the additional 3 Ps in the Marketing Mix
Process, People and Physical evidence
What is the Marketing Mix
The marketing mix refers to a set of actions or tactics that a company uses to promote its brand or product within a market
What does Price mean in the marketing mix?
How valuable the product is the customer- PED
What does product mean in the marketing mix?
What features does the customer want from the product?
How is it different from competing products?
What does placement mean in the marketing mix?
When and where do the customers look at the product?
What does promotion mean in the marketing mix?
where and when can the marking messages be put to the market
What are the proposed 4 Cs for the marketing mix?
Cost, Consumer wants, Communication and Convenience
What are 5 useful brand elements?
ambassadors, slogans, packaging, jingles and add campaigns
What are some Brand Characteristics?
memorable, meaningful, likeable and transferable
How does brand value help
speeds up decisions, decreased risk of bad decision, enhances social identity and introduction to new products
What are the 4 stages of a product lifecycle?
introduction, growth, maturity and decline.
when do sales and revenue peak in the product lifecycle?
in the maturity phase
when does profit peak in the product lifecycle?
peak of the growth phase
describe the introduction phase of the product lifecycle?
significant investment in research and development, infrastructure and marketing creating high risk
when is there an opportunity for the introduction of a product?
lack of competition allowing to initially charge a higher price point
what are the dangers for the introduction of a product?
high start up costs, losses not profits from lack of demand, no demand (no market)
what are some opportunities in the growth phase of a product?
larger profits (lower production costs), increased consumer awareness(sales^) and reduced costs (economies of scale)
what are some dangers in the growth phase
failed marketing, increased competition
what are some opportunities in the maturity phase of a product lifecycle?
product differentiation, EOS
what are some dangers in the maturity phase?
sales level off, more competition
what are some dangers in the decline phase?
product withdrawal
what is contribution?
revenue - variable costs (amount left to over fixed costs)
what is advertising?
attracting public attention to a product, service or business through paid announcements.
what are the 7 features of advertising?
persuasive, informative, non personal, clear sponsor, paid for, competitive, mass communication
what are the scopes of advertising?
message, media, function, art and science
