Marketing Mix And Strategy Flashcards
What is product or service design?
The combination of factors needed in designing a product
What is standard design?
products or services that are sold as standard, the customer cannot add any extra features or benefits
What does the function mean?
What the item is used for
What does aesthetic mean?
What the item looks like
What is promotion?
The use of marketing tools to bring a product or service to the attention of potential buyers
What is personal selling?
When a salesperson meets a potential buyer face to face with the aim of selling their product/service
What is direct marketing?
Highly focussed targeted mail based on what customers have bought before
What is Above the line advertising (ATL)?
Involves mass media methods for targeting larger and more general customers
Eg. Advert on the tv
What are the advantages to ATL
Reaches mass audience
Advert communication is repeated so the message is clear
Great for building brand awareness
What are the disadvantages of ATL
Very expensive
Hard to measure clear results
What is below the line adversing (BTL)?
The same as direct marketing for reaching smaller but more targeted audiences
What are the advantages of BTL?
Easy to measure if the campaign reached an audience
Easy and inexpensive
What are the disadvantages of BTL?
Training may be needed on marketing
Need a good understanding of customer or buyer behaviour is required
What is public relations?
Aims to build a relationship between the business and the public to create a favourable copywriter image- long term strategy
What is sponsorship?
The financial or in kind support of an event with the objective of attaining certain business objectives
What is pricing?
The process of pricing is the choice of pricing strategy that a business makes when setting prices for their products or services
What is cost plus pricing?
A cost-plus pricing strategy seeks to set a price for a product or service which covers the costs and provides a good profit margin for the business