marketing mix Flashcards
what are the 7P’s?
price place process promotion product people physical environment
what are industrial goods?
goods that firms sell to each other often known as business to business. they’re often not the final end user of the product
define consumer goods
goods sold directly to the end user of the product to satisfy our needs and wants
what are convenience goods?
goods that consumers buy frequently with little thought or effort and they want them to be readily available
shopping goods are…
goods that consumers think more about buying and will compare products and prices but they still want them to be easily accessible
what are speciality goods?
products that consumers will plan to buy and then find it, and are usually willing to travel to do so e.g. sports car
what is a product life cycle?
the different stages in the life of a product and the pattern of sales at each stage
what are extension strategies?
the methods used to prevent falling sales and extend the life of a product
define product portfolio analysis
this analyses the market position of all the products of a business to assess how well they are doing in the market
what is the boston box matrix?
this is a method of product portfolio analysis that analyses a products market position in terms of market share and growth
define new product development
this is when a firm creates a new or improved product of service for an existing market
what are the 5 stages of the product life cycle in order?
introduction development growth maturity decline
name 2 ways how a business might use extension strategies to prolong the maturity stage of a product?
modify the product e.g. new, added, extra ingredients
promote more heavily - more advertising
how would profits look in the growth stage?
low
what would competition be like in the maturity stage of the product life cycle?
intense