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Business > Marketing Mix And Strategy > Flashcards

Marketing Mix And Strategy Flashcards

1
Q

4 P’s

A

Place, Price, Promotion, Product

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2
Q

Design mix

A

Aesthetics, Function, economic manufacture

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3
Q

Function element of design mix

A

Whether the item actually does what it is expected to do

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4
Q

Economic manufacture (cost) of design mix

A

Measures the ease and economy with which the item can actually be made on the scale required

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5
Q

Aesthetic element of design mix

A

Describing the look, taste, texture or feel of an item

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6
Q

Examples of product function

A

A toaster toasting bread

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7
Q

Examples of product aesthetic

A

New phone being slick and vibrant modern

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8
Q

Changes in design mix to reflect social trends

A

Environmental concerns (sustainability or waste minimisation)

Ethical sourcing (ensuring competents used are coming from ethical sources)

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9
Q

Benefits of a good design

A

Can add value
Provide point of differentation
Reduce manufacturing cost
Boost brand loyalty
Improves brand image

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10
Q

Sustainability

A

Means making something using materials that will still be available in the future perhaps because one tree is planted for everyone one that’s cut down

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11
Q

Promotion is

A

Methods used by the business to communicate information and persuade consumers to purchase a product

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12
Q

Above the line promotion

A

The use of promotional methods that are paid for in independent media

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13
Q

Below the line promotion definition

A

Advertising strategy where products are promoted in media other than tv and radio

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14
Q

Why Mahoney business use different forms of promotion

A

Reach different audiences
Costs

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15
Q

Personal selling is

A

Face to face selling techniques by which a salesperson used their skills to persuade a customer to buy

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16
Q

Public relations is

A

Attempts by a business to create publicity that is reported as news such as a glitzy launch party

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17
Q

Sales promotion is

A

use of short term campaigns to create demand for a product

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18
Q

Direct marketing is

A

Any marketing that relies on direct communication or distribution to individual consumers rather than through a third party such as mass media (promotional emails)

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19
Q

Emotional branding

A

Building brands that appeal directly to a consumers emotional state, needs and aspirations

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20
Q

Sponsorship is

A

Where a company pays to be associated with a project, person or program

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21
Q

Branding is

A

The process of creating a distinct identity for a business in the mind of your target audience

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22
Q

Branding benefits

A

Increases brand recognition
Improves customer loyalty
Positive word of mouth
Lower price sensitivity

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23
Q

Ways to build a brand

A

Advertising
USP
Sponsorship
Digital media

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24
Q

USP

A

particular feature of a product or service that no rivals provide

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25
Q

Different types of branding

A

Individual (single product brands-marmite)
Brand family (brand name used across a range of products-Cadbury )
Corporate brand (using the company name as a brand -nestle)

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26
Q

Benefits of using social media

A

Can communicate with market
Cheap and easy
Large potential audience

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27
Q

Viral Marketing

A

Word of mouth but supercharged because of social media as it offers a faster and wider way to spread recommendations

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28
Q

Benefits of viral marketing

A

Brand awareness and boost sales

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29
Q

Pricing strategy is

A

Processes and methods a business used to set prices for products and services

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30
Q

Factors affecting pricing strategy

A

PED and YED
Demand
Competition

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31
Q

Bargaining power of customers is

A

The concept that customers can apply pressure to vendors in order to lower prices, provide higher quality or provide better customer care.

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32
Q

4 types of price control

A

Cost plus (adding desired percentage onto cost per unit)
Predatory (force competition out of market)
Competitive (similar to competition)
Psychological (below major psychological levels)

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33
Q

Competitive pricing

A

Company sets it’s price based off of what it’s rivals prices are

34
Q

Advantages of competitive prices

A

Takes price out of equation for a buyer

35
Q

Disadvantage of competitive pricing

A

Can be challenging to maintain profitability if prices are lowered according to other companies who may be better at lowering their costs

36
Q

Price skimming

A

Setting price high and reducing it over time gradually targeting different layers of a market

37
Q

Advantages of prove skimming

A

Maximise profits by targeting early buyers willing to pay higher price

38
Q

Disadvantage of price skimming

A

Can deter other people from buying

39
Q

Cost plus

A

Adding a percentage of the unit cost on to sell

40
Q

Disadvantages of cost plus

A

Could lead to overpricing

41
Q

Advantages of cost plus

A

Simplifies pricing decisions and allows for a profit margain

42
Q

Loss leader

A

A product is sold at a lower procure to attract customers to then buy a higher priced item

43
Q

Adv of loss leader

A

Increasing customer traffic and customer loyalty

44
Q

Dis of loss leader

A

Short term losses if other products aren’t bought

45
Q

Psychological pricing

A

Setting price just below major psychological numbers

46
Q

Advantages of psychological pricing

A

Makes prices appear more affordable and encourages impulse buying

47
Q

Disadvantage of psychological pricing

A

May be seen as deceptive by some customers

48
Q

Penetration pricing

A

Setting a price low and then gradually increasing

49
Q

Adv of penetration pricing

A

Can gain market share quickly and brand awareness

50
Q

Disadvantages of penetration pricing

A

Lower profit margins in the short term

51
Q

Place is

A

Where you’re business is located

52
Q

A retailer is

A

Sells products directly to consumers

53
Q

Channel of distribution is

A

Path goods travel through from producer to consumer

54
Q

An agent is

A
55
Q

Producer

A

Someone who makes the goods

56
Q

Consumer

A

The end customer

57
Q

Factors that influence a businesses choice of distribution

A

Target market, place, costs, product characteristics

58
Q

A wholesaler is

A

Middle man who buys in bulk from manufacturers and sells in smaller sizes to retailers

59
Q

B2B is

A

Business to busines

60
Q

B2C is

A

Business to consumer

61
Q

Adv of B2B

A

Larger order size and long term partnerships

62
Q

Dis of B2B

A

Dependence on small number of clients

63
Q

Adv of B2C

A

Larger Customer base, shorter sales cycles and direct interaction with end consumer

64
Q

Dis of B2C

A

Higher marketing costs and greater competition

65
Q

4 channels of distribution

A

direct sales, retail sales, e-commerce, and wholesale distribution.

66
Q

Product life cycle is

A

Product life cycle refers to the stages that a product goes through from its introduction to its decline. These stages include R&D, introduction, growth, maturity, decline and extension

67
Q

Growth product life cycle

A

Where product experiences rapid increase in awareness and sales

68
Q

Intro product life cycle

A

A new product is launched into the market

69
Q

Intro product life cycle

A

A new product is launched in the market

70
Q

Maturity product life cycle

A

the product has reached its peak level of market acceptance. Sales stabilize, and competition intensifies. Marketing efforts focus on retaining existing customers and finding new ways to differentiate the product from competitors..

71
Q

Decline product life cycle

A

Sales start to decrease, and the market becomes saturated. consider strategies like product diversification or discontinuation.

72
Q

Extension product life cycle

A

Efforts are made to prolong the product’s life and maintain its market relevance. This can be done through product improvements, new features, or targeting new customer segments. To try delay its entry into the decline stage.

73
Q

Boston matrix is

A

A tool used by businesses to asses their product portfolio based on market share and market growth

74
Q

Star Boston matrix

A

Stars in the Boston Matrix refer to products or business units that have a high market share in a rapidly growing market. They have the potential to generate significant profits and become future cash cows.

75
Q

Dog Boston matrix

A

Dogs in the Boston Matrix are products or business units with low market share in a slow-growing market. They have limited potential for profitability and growth. It’s important to consider whether it’s worth investing resources to improve their performance or if it’s better to discontinue them.

76
Q

Cash cow Boston matrix

A

Cash cows in the Boston Matrix are products or business units that have a high market share in a slow-growing market. They generate consistent and significant profits, often providing the financial resources to invest in other areas of the business..

77
Q

? Boston matrix

A

They have low market share in a rapidly growing market. These products or business units require careful consideration and investment to determine their potential for growth and profitability. They may become stars with the right strategies or may end up as dogs if not managed effectively.

78
Q

Customer loyalty is

A

Customer loyalty is incredibly important for businesses. It refers to the level of commitment and repeat business from customers.

79
Q

Advantages of customer loyalty

A

Building customer loyalty can lead to increased sales, positive word-of-mouth, and long-term success.

80
Q

Disadvantages of customer loyalty

A

If a business relies to heavily on customer loyalty is can be vulnerable to competitive threats

81
Q

Strategies to increase customer loyalty

A

providing exceptional customer service, offering personalized experiences, implementing loyalty programs with rewards and incentives, maintaining consistent communication with customers, seeking and responding to customer feedback, and continuously improving the quality of products or services.

82
Q

Industrial marketing is

A

Industrial marketing refers to the marketing of products or services to businesses, rather than individual consumers in the business-to-business (B2B) market.

Business (7 decks)

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