marketing mix Flashcards
What is asset-led marketing?
A marketing strategy based on a firm’s strengths rather than solely on customer needs.
one advantage of asset-led marketing.
linked to market needs, increasing chances of success.
four elements of the marketing mix
Product, Price, Place, Promotion.
How can businesses market themselves effectively?
By understanding customer needs, improving presentation, and using effective promotions.
Why is location an important part of marketing?
It ensures products are accessible to the target market.
what is a product portfolio?
A mix of products a business produces and sells.
two advantages of having a product portfolio.
- Spreads fixed costs.
- Reduces risk by diversifying products.
two benefits of branding.
- Encourages customer loyalty.
- Allows for price flexibility.
Why is packaging important in marketing?
It attracts customers, protects the product, and provides important information.
two purposes of packaging.
- Convenience – easy to open and use.
- Protection – prevents damage and maintains freshness.
What are the five stages of the product life cycle?
Development, Introduction, Growth, Maturity/Saturation, Decline.
What happens in the introduction stage of the product life cycle?
The product is launched, and heavy promotion is needed.
What is an extension strategy?
A plan to lengthen the life cycle of a product to increase sales.
Name two extension strategies.
- Adding new features or flavors.
- Rebranding or changing packaging.
What does a “Star” represent in the Boston Matrix?
A product with high market share in a high-growth market.
What are the four categories in the Boston Matrix?
Cash Cows, Question Marks, Stars, Dogs.
How does the Boston Matrix help manage a business’ product portfolio?
helps analyze market share and growth to decide where to invest or phase out products.
