marketing mix Flashcards

1
Q

what are the 7P’s?

A
price
place
process
promotion 
product 
people 
physical environment
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2
Q

what are industrial goods?

A

goods that firms sell to each other often known as business to business. they’re often not the final end user of the product

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3
Q

define consumer goods

A

goods sold directly to the end user of the product to satisfy our needs and wants

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4
Q

what are convenience goods?

A

goods that consumers buy frequently with little thought or effort and they want them to be readily available

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5
Q

shopping goods are…

A

goods that consumers think more about buying and will compare products and prices but they still want them to be easily accessible

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6
Q

what are speciality goods?

A

products that consumers will plan to buy and then find it, and are usually willing to travel to do so e.g. sports car

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7
Q

what is a product life cycle?

A

the different stages in the life of a product and the pattern of sales at each stage

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8
Q

what are extension strategies?

A

the methods used to prevent falling sales and extend the life of a product

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9
Q

define product portfolio analysis

A

this analyses the market position of all the products of a business to assess how well they are doing in the market

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10
Q

what is the boston box matrix?

A

this is a method of product portfolio analysis that analyses a products market position in terms of market share and growth

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11
Q

define new product development

A

this is when a firm creates a new or improved product of service for an existing market

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12
Q

what are the 5 stages of the product life cycle in order?

A
introduction
development 
growth 
maturity 
decline
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13
Q

name 2 ways how a business might use extension strategies to prolong the maturity stage of a product?

A

modify the product e.g. new, added, extra ingredients

promote more heavily - more advertising

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14
Q

how would profits look in the growth stage?

A

low

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15
Q

what would competition be like in the maturity stage of the product life cycle?

A

intense

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16
Q

what are the 4 parts of the boston matrix?

A

rising star
problem child
cash cow
dog

17
Q

if a business had a high market share, but a low market growth, which part of the boston matrix would it be in?

A

cash cow

18
Q

if a business had a low market share and a low market growth, what part of the boston matrix would it be in?

A

dog

19
Q

which characteristics does a problem child in the boston matrix have?

A

low market share and high market growth

20
Q

name 2 ways in which a business could be influenced to develop a product

A

having a product which is coming to the end of its lifecycle- declining

competitors actions; it may be necessary to match them to keep up with competition

21
Q

give 1 value of new product development

A

firms can develop a USP which can help to differentiate it from the competition

22
Q

what are 2 problems of new product development?

A

many ideas for new products never make it into production

some firms do better by focusing on a small core of products and deliberately have narrow ranges

23
Q

what are pricing strategies?

A

the longer term pricing policies of the business used to achieve a firms objectives

24
Q

define penetration pricing strategy

A

setting a low price to gain market share when breaking into a new market of trying to achieve a sudden increase in market share in a market the firm already operates in

25
Q

what is a price skimming strategy?

A

setting a high price to gain a high profit margin often done when launching a new product. the price may be lowed later as the initial impact wears off. products must have a very strong USP for this to work

26
Q

define what marketing mix means

A

the 4P’s are a combination of price, product, promotion and place that influence consumers decision to buy a product or not. the 7P’s add people process and the physical environment