Marketing Mix and Strategy Flashcards
What are the three elements if the traditional product design mix
Function, Economic manufacture and Aesthetics
What is Function (product design mix)
The way a product works, does it do what it needs to do, is the product reliable.
What is economic manufacture (product design mix)
Does the design allow the product to be made and sold profitably.
What are Aesthetics (product design mix)
How the product appeals to the customer (how it looks/feels). This is a popular way to differentiate a product.
What are some common features of products that use Function in the design mix.
Longer product life cycles, Lower promotional costs, quality based on reliability.
What are some common features of products that use Aesthetics in the design mix.
High added value, demand fuelled by customer aspiration.
What is sustainability
Making a product without affecting the long term supplies of the inputs into the product.
How can a business address sustainability
Use of raw materials, Energy use, Waste and pollution.
What are the 7 elements of the extended marketing mix
Product, Price, Promotion, Place, People, Process, Physical
What can the marketing mix model be used to do
Forecast future sales trends, Help with market targeting and positioning.
What are the five stages of the product life cycle
Development, introduction, Growth, Maturity, Decline
What are the key points of the Development stage
Often complex and time consuming, May not be successful, Cost of development often rises as product approaches launch.
What are the key points of the introduction stage
New product launched on the market, likely to be low levels of sales, usually negative cash-flow.
