marketing mix Flashcards

1
Q

marketing mix

A

The marketing mix is a term created by Jerome McCarthy (1964), originally used to describe the four key components of marketing physical goods: product, price, promotion and place. Bernard H. Booms and Mary J. Bitner (1981) added an extra 3 Ps to the marketing mix to cover the marketing of intangible services: people, processes and physical evidence.

-key components of marketing physical goods

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2
Q

product

A

physical good, intangible service provided by a business

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3
Q

price

A

the value of a good // intangible service that is paid by the customer, covering the costs of production

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4
Q

promotion

A

informing customers about a product and persuading them to purchase it, through marketing

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5
Q

place

A

the plans and processes of getting the goods to the customers, at the right place at the right time in the most convenient and cost efficient way

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6
Q

people

A

the importance behind employee customer relationships so well skilled employees must be hired and trained customer care

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7
Q

process

A

the extended marketing mix is about the way in which a service is provided or delivered to customers. It refers to the operational aspects of a service

the importance of delivery processes in the marketing of a service.

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8
Q

physical evidece

A

the tangible aspects of a business, such as physical appearance, hhysical evidence has a direct impact on customers’ perceptions of a business and the quality of the services it provides.

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9
Q

key stages of product life cycyle

A
  1. research and development
  2. launch
  3. growth
  4. maturity
  5. decline
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10
Q

research and develeopment

A

investigating, designing and developing a product before it is launched on the market for sale.

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11
Q

launch

A

the product is introduced to the market, it will be first purchased by innovators but most customeers wont be aware of it so promotion snd marketing is key

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12
Q

growth

A

sales revenue increases
product becomes popular in the market
competitors enter the stage

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13
Q

maturity

A

sales revenue peak or plateau, so the firm has to turn to product differentiation strategies and product life extension strategies

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14
Q

decline

A

sales revenue continually decline which leads to the eventual withdrawal of a product

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15
Q

extension strategies (definition)

A

business strategies are marketing strategoies applied in order to prolong the priduct life cycle either in the product enterns or during the decline period

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16
Q

extension strategies (acc)

A
  • reducing the price to encourage more customers to purchase the product
  • new promotional strategies to gain interest and attraction
  • product enhancements or modifications
  • expansion into new markets
  • product differentiation strategies to make the product stand out like USP