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Application > marketing mix > Flashcards

marketing mix Flashcards

1
Q

what are the axis for Boston Matrix

A

market share and market growth

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2
Q

what does distribution channel one include

A

producer-> wholesaler-> retailer->consumer

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3
Q

what does distribution channel two include

A

producer-> retailer->consumer

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4
Q

what does distribution channel three include

A

producer->consumer

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5
Q

what are the 4 factors that businesses need to consider before setting up a store

A
  1. cost (rent)
  2. coverage
  3. convenience to consumers
  4. control of the market
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6
Q

how can a business benefit by selling with a retailer

A
  1. may sell more products as they use a reliable brand to sell their new product
  2. exclusivity deals may be signed to gain further market share over competitors
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7
Q

which type of industry will especially benefit from selling with a retailer

A
  1. a firm selling food
  2. a firm selling in an unknown market abroad
  3. luxury goods selling through Selfridges and harrods
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8
Q

what are 2 negatives of using longer distribution channels

A
  1. more delivery cost

2. the producer earns less profit as it may have to sell the product to the retailer at a reduced cost

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9
Q

what is above the line marketing

advertising

A

using paid media outlet to inform consumers about a businesses product
(tv advertising mass appeal)

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10
Q

what is below the line marketing

A

advertisement that doesn’t include a paid media outlet

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11
Q

what’s a negative of advertising on tv

A
  1. less targeted

2. very expensive

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12
Q

3 examples of below the line marketing

A
  1. targeted search engine marketing
  2. direct mail
  3. sponsorship
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13
Q

penetration pricing

A

selling at a low price compared to competition and raising the price overtime as consumers develop brand loyalty

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14
Q

price skimming

A

selling at a high price at release then lowering the price overtime as product to target the markets where demand is less inelastic

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15
Q

when is penetration pricing necessary

A
  1. when the market has high brand loyalty to existing brands
  2. if demand for product is elastic
  3. saturated market
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16
Q

when is price skimming necessary

A

when a business with high brand loyalty is releasing a new product
eg ps5

17
Q

loss leadership

A

selling a product below cost to encourage purchase of other goods
eg Nike selling cheaper jumpers but more expensive joggers

18
Q

psycological pricing

A

making product appear cheap by selling at a price ending in 99

19
Q

discrimination pricing

A

selling the same product at different prices in different markets

20
Q

what are the different stages of the product lifecycle

A
  1. R+D
  2. introduction
  3. growth
  4. maturity
  5. decline
21
Q

what is a product with a high market share and high market growth called

A

star

22
Q

what is a product with a high market share or a low market growth

A

cash cow

23
Q

what is a product with a low market share or a low market growth

A

dogs

24
Q

what is a product with a low market share or a high market growth

A

question marks

25
Q

why may a question mark product be problematic

A

heeds lots of promotion to benefit from growing market share

26
Q

why do we want a cash cow

A

revenue can be used to innovate other products and develop a wider product portfolio

27
Q

Ansof matrix

A

a model which determines which growth strategy carries the most risk

28
Q

draw the ansof matrix

A
  1. market penetration
  2. market and product development
  3. differentiation
29
Q

Why may smaller businesses benefit from using the ansof matrix

A

it is important for smaller businesses to assess their risk as a failure in investment may cause the business failure especially if a loan is taken out

30
Q

what is market development

A
  1. selling in international market

2. different pricing policies

31
Q

when may market development be beneficial

A
  1. when there is a lot of competition in domestic market

2. when there is high demand in another market

32
Q

what is product development

A

developing new products or features but selling at the same price

33
Q

what is diversification

A

selling a new product in a new market

34
Q

Draw porters generic strategy

A

nice

35
Q

problems with selling with a retailer

A
  1. unsure on how the product is going to priced
  2. no control on marketing
  3. may be sold directly next to competition
36
Q

why may lower costs benefit a business

A
  1. may mean they can lower prices and maintain profit margins.
  2. increased profit margins may be used in product development or advertising

Application (6 decks)

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