Marketing mix and strategy Flashcards
Goods VS service
Both r products
Physical or tangible VS non physical or tangible
Marketing objective
Goals a bus tries to achieve through marketing
Types of marketing objectives
SMART
INCREASE MAREKT SHARE-competive edge of buying in bulk
INCREASE REVENUE-revenue higher=higher profit
ESTABLISH BRAND IMAGE-UPQ market share competition etc.
Specific, measurable, agreed, realistic, time specific === more likely to achieve market objectives
Product life cycle
What are the stages of the PLC?
The different stages a product passes through over time and the sales expected at each stage -helps in planning
Product development, introduction, growth, maturity, decline, (extension)
Products liege cycle explain
Development – negative cash flow due to market research and Research and Development (R&D). No sales revenue before launch
Introduction – production and promotion costs can be high
Growth – sales revenue increases but as more units are sold production costs also increase. However, there will be economies of scale. Repeat purchases. Competitors
Maturity – sales stabilise and the product acts as a cash cow. Competitors enter market=saturated market
Decline – at some point the product will start to lose sales.(consumer tastes, tech and new products)
Extension strategy
Methods of
Ways to pro long the lifeline of product before decline ….. because cost of development=high
PRODUCT ADJUSTMENTS-product range, add value, packaging
PROMOTION- expand to diff markets, advertising etc.
Product portfolio
The collection of products a business is currently marketing
