Marketing Mix Flashcards
Product Life Cycle
Development Introduction Growth Maturity Decline
Categories of Product Life Cycle
Style
Fashion
Fad
Consumer Products
Convenience Goods - Readily available, bought frequently
Shopping Goods - Time and effort on purchase decision/comparing alternatives
Specialty Goods - Unique characteristics important to customers
Unsought Goods - Do not interest customer until needed
Industrial Goods
Materials and Parts
Capital Items
Supplies and Business Services
Elements of Product Differentiation Strategy
Product Features
Links Between Different Products
Timing of Entry of New Product Into the Market
Area the Product will Reach
The Product Mix
How Product Links with Other Organisations
The Product Reputation
Customization Possibilities of the Product
Packaging and Advertising of the Product
Distribution Channels of the Product
The Service Received when Purchasing the Product (After Sales)
Generic Distribution Model
Manufacturer -> Wholesaler and Retailer
Wholesaler -> Retailer and Contractor
Retailer -> Contractor and End User
Contractor -> End User
Steps to Generate Distribution Strategy
Step 1: Evaluate the End User
Step 2: Identify Marketing Intermediaries
Step 3: Research Potential Marketing Intermediaries
Step 4: Narrow in on the Most Profitable Distribution Channels
Step 5: Manage the Distribution Channels
Factors to Consider when Pricing a Product
Fixed and Variable Costs Competition Company Objectives Proposed Positioning Strategy Target Groups Ability to Pay
Pricing Strategies
Penetration Pricing Skimming Pricing Competition Pricing Product Line Pricing Bundle Pricing Psychological Pricing Premium Pricing Optional Pricing Cost Based Pricing Cost Plus Pricing
Traditional Elements of the Promotions Mix
Advertising Personal Selling Sales Promotion Public Relations Direct Marketing
Elements of the Extended Promotions Mix
Corporate Literature Customers Direct Mail Email Marketing Events Internet Marketing Media Relations Promotional Gifts Telemarketing
