Marketing Mix Flashcards
what is teh marketing mix
tactics for how a business is going to increase sales , they are factors that influence sales
what are the 4 ps
product
place
price
promotion
what is product about
give examples
and 4 other models you can use
meeting customers needs and wants
e.g design , features, and specifications, usefulness
product porfolio
boston matrix
product life cycle
extension strategies
what is price about
how much and how consuemrs will pay for a product
in terms of price what may business need to consider
different pricing strategies
what is place about
how product gets to the customer
e.g retail outlet , directly to the customer
place is also relevant to
the channels of distriburion
and getting customer to acess good
what is promotion about
3 points
how you communicate g/s to potential customers
making yoursef visible and
customers aware of products exstence
what are the 3 eval points for mkting mix
bs wont have equal weighting on each p
bs must adpat marketing mix overtime
4ps only came out for products
explain the eval point of bs not putting equal qeighting on each P
tactics may be skewed to one thing
e.g poundland focuses more on price to increase sales
explain teh 4 considerations of eval point bs mus adapt mkting mix overitmet
internationally
time
tech
competition
eplain international consideration of adapting mktong mix ot
if bs expands internationally
heavy foccus on place and product as how will it suit customer + how you getting product to cusotmr
explain the time aspect of adapting mkting mix overtime
overtime certain goods go thorugh product life cycle therfore adapt mkting mix
e.d dvd first came out , where in growht stage so more focus on promotion
in decline no sens to focus on promo but instead product in terms of exgtension strategt to ensure survival
explain tech aspect of mkting mix changes overtime
as you move through PLC adpat acordingly e,g
when fist launch heavy promo to create brand loyalty + price skimming
explain competition aspect of marketing mix
may do heavy promo esp in competitiv emkts so need to do even moer promo
