Marketing Mix and Product Flashcards
1
Q
Marketing Mix
A
Elements of a firm’s marketing that are designed to meet the needs of customers involving product, price, promotion and place
2
Q
Product Life Cycle
A
Level of sales at the different stages through which a product passes over time
3
Q
Extension Strategies
A
Methods used to lengthen the life of a product. Includes new packaging, find a new market or modifying the product.
4
Q
Product Portfolio
A
Range of products a firm is marketing.
5
Q
The Boston Matrix
A
2x2 matrix that describes products according to their market share and whether the market has any potential for growth. It can be used to help firms make decisions on what to do next with their products.
