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Business Theme 1 > marketing mix and strategy > Flashcards

marketing mix and strategy Flashcards

1
Q

what are the four Ps of marketing?

A

Price
product
promotion
Place

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2
Q

What is the design mix?

A

function
Aesthetics
Cost

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3
Q

what is a product?

A

Anything that’s capable of satisfying customer needs

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4
Q

What’s the role of product design?

A

A good design, contributes to a product usefulness as well as it looks

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5
Q

what is function?

A

The way of product works and its reliability

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6
Q

what aesthetics?

A

how it appeals to the customer in terms of looks, and feels based on subjective judgement of customers

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7
Q

what is ergonomic manufacture?

A

Does the design allow the product to be made and sold profitably?

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8
Q

what are features of products that emphasise function?

A

More predictable, stable demand
Longer product lifestyle
lower Promotional cost
reputation for quality
Economic manufacture through economies of scale

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9
Q

features of products that emphasise aesthetics

A

Higher added value
Shorter life cycle
Need for greater promotional support

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10
Q

What is sustainability?

A

Making a product without affecting long-term supplies of the impasse into the product

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11
Q

how is sustainability addressed designing making a product?

A

-Minimising waste in production
-Enabling recycling, or reusing of the product

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12
Q

What environmental issues does product design need to consider?

A

-use of raw materials
-Energy use and impact on climate change
-Waste and pollution produced by business
-Impact the business has unemployed and local wider internal community

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13
Q

what are three examples of ethical sourcing

A

-Fair trade
-Ethical supply chain
-Organic products

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14
Q

what could happen if issues are discovered in the supply chain

A

Could damage the reputation of the company

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15
Q

what is price?

A

The value of consumer is prepared to pay in exchange for taking ownership of a product or service

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16
Q

What is the channel of distribution?

A

The method by which goods or services are transferred from producers to consumers

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17
Q

what are two examples of channel of distributions

A

-Direct selling-producer straight to consumer-increasing in popularity
-E-commerce-selling via Internet

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18
Q

what is marketing planning?

A

Deciding what marketing objectives are, and finding solutions

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19
Q

what are the steps of marketing planning?

A

-Do annual audit(plan) by gathering research from market research
-Get smart marketing objectives
-Get strategies to deliver objectives
-Evaluate success

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20
Q

what are marketing objectives?

A

The expected outcomes of business is trying to attain through its marking activities at the end of a given time period

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21
Q

what must marking objectives be?

A

-Smart
-In line with other objectives
-A way of measuring performance overtime

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22
Q

what is personal selling?

A

-promotion on a person to person basis
-meeting with customers to close sales by phone, meetings and door knocking

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23
Q

advantages of personal selling

A

-higher customer attention
-message is customised
-interactive
-persuasive impact
-relationship development

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24
Q

disadvantages of personal selling

A

-high cost
-labour intensive
-expensive
-can only reach a limited number of customers

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25
Q

what are sales promotion

A

short term incentives to increase sales
eg/ coupons, money off or free samples

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26
Q

advantages of sales promotion

A

-effective at achieving a quick boost in sales
-encourages customers to trial a product or switch brands

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27
Q

disadvantages of sales promotion

A

-effect is short term
-customers may come to expect or anticipate further promotion
-may damage brand image

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28
Q

what are public relations

A

-PR activities are those that create goodwill toward an individual, business, cause or product

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29
Q

what are the aims of PR

A

-achieve publicity about business
-build image and reputation
-communicate effectively with customers

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30
Q

what are typical PR activities

A

-promoting new products
-enhancing public awareness
-projecting business image

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31
Q

what’s direct marketing

A

-promotional material directed through mail, email, social media or phone to individuals or businesses

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32
Q

what does direct marketing allow

A

allows business to generate a specific response from targeted groups of customers
-and allows business to focus on marketing objectives such as building customer loyalty

33
Q

advantages of direct marketing

A

-focuses limited resources on targeted promotion
-can personalise marketing message
-easy to measure response and success

34
Q

disadvantages of direct marketing

A

-response rates vary enormously
-negative impact of junk and spam mail
-database is expensive to maintain

35
Q

what is viral marketing

A

uses social media and online platforms to try to produce increases in brand awareness or to achieve other marketing objectives

36
Q

what is brand stretching

A

-where a brand is used for a diverse range of products not necessarily connected
-eg virgin

37
Q

uses for promotion

A

-increase sales
-attract new customers
-encourage customer loyalty
-create an image
- encourage brand switching

38
Q

main aims of promotion

A

-to ensure that customers are aware of the existence and positioning of products
-used to persuade customers the product is better then competing products

39
Q

what is advertising

A

-paid for communication
-eg/ tv, radios and newspapers
-mass marketing advertising is very expensive

40
Q

advantages of advertising

A

-higher customer attention
-message is customised
-interactive
-persuasive impact
-potential for development of relationships
-adaptable
-opportunity to close sale

41
Q

disadvantages of advertising

A

-high cost
-labour intensive
-expensive
-can only reach a limited number of customers

42
Q

what is a brand

A

-a product that’s easily distinguished from other products so that is can be easily communicated and effectively marketed
-a brand name is the name of the distinctive product

43
Q

benefits of effective branding

A

-adds significant value from customers POV
-able to charge higher prices and demand is more inelastic
-builds customer loyalty

44
Q

what’s brand extension

A

when a business uses a brand name on a new product that has some of the brands characteristics
-eg/ mars bar and mars ice cream

45
Q

what are the 6 types of branding

A

-product brand
-service brand
-umbrella ( family) brand
-corporate brands
-own label brands
-global brands

46
Q

what’s product brand

A

brand associated with specific products
-eg/ fast moving consumer goods brands like marmite

47
Q

what are service brands

A

brands that add percieved value to services either delivered face to face or online
-eg uber

48
Q

what are umbrella brands

A

-brands assigned to more than one product
-makes different product lines easily identifiable by consumer by grouping as one
-eg dove

49
Q

what are corporate brands

A

refers to the practice of promoting the brand name of a corporate entity
-nestle

50
Q

own label brands

A

-where retail outlets assign their corporate branding to a range of goods and services
-tescos finest

51
Q

what are global brands

A

-recognised and operating world wide
-ikea

52
Q

what is price?

A

What the buyer is prepared to pay in exchange for a product or service
-Very important part of the marketing mix
-Directly influences profits by creating revenue rather than affecting costs

53
Q

What does price help do?

A

helps differentiate to product from others
-e.g. high price might suggest a high-quality

54
Q

what objectives influence price setting?

A

-Maximising profits
-Maintaining or increasing market share
-Entering a new market and getting a product or service, accepted by customers in the Newmarket
-Increase sales volumes

55
Q

What is cost plus pricing?

A

Setting a price by adding a fixed amount or percentage to cost of making product

56
Q

what is penetration pricing?

A

Setting a very low price to gain as many sales as possible

57
Q

What is price skimming?

A

Setting high price before other competitors come into the market

58
Q

what is predatory pricing?

A

Illegal
-Setting a very low price to knockout all other competitors

59
Q

What is competitor pricing?

A

Setting price based on competitors price

60
Q

What is psychological pricing?

A

Setting a price, just below a large number to make it seem smaller
-E.g.9.99, not 10

61
Q

What are loss leaders?

A

Products of data loss to entice customers in hopes they will purchase other goods or become loyal customers

62
Q

advantages of loss leaders

A

-Good method of short-term pricing
-Can have just a few products in a much wider range

63
Q

disadvantage of loss leaders

A

customers come to expect low prices

64
Q

overtime what must price be?

A

More than the related cost in order to make a profit

65
Q

Benefits of pricing based on costs

A

-easy to calculate
-Price increase can be justified when cost rise
-Managers can be confident, each product is being sold at a profit

66
Q

Drawbacks of pricing based on cost

A

-ignores PED
-Ignore competition
-Profit lost if price is set below, what customers are willing to pay
-Business has less incentive to control costs

67
Q

What is dynamic pricing?

A

pricing strategy in which businesses set flexible prices for products or services based on current market demands

68
Q

what are the four stages of the product life cycle?

A

-Launch or introduction
-Growth
-Maturity or saturation
-Decline

69
Q

What happens in the launch stage of a product life cycle?

A

-Sales starts slowly as consumers get to know products

70
Q

what happens in the growth stage of the product life cycle?

A

Sales accelerate due to advertising and promotion

71
Q

What happens in the material stage of the product life cycle?

A

Sales level off as competitors market or tastes change

72
Q

what happened in the decline stage of the product life cycle?

A

Sales sales full as it becomes less popular and may eventually be taken off the market

73
Q

what are extension strategies?

A

Steps taken to extend the lifespan of a product

74
Q

What are four extension strategies?

A

-update designs
-New ad campaign
-Target new markets
-New brand image

75
Q

what is marketing strategy?

A

-Plan for future marketing activity that balances company objectives, available resources and market opportunities
-Implemented through the marketing mix

76
Q

what is marketing strategy for mass markets?

A

-Brands need to differentiate their product
-Successful branding can lead to distribution levels close to 100% and control over pricing

77
Q

What is the marketing strategy for niche markets?

A

-need a patient approach
-Focus on reinforcing the distinctive characteristics of each product

78
Q

what is the marketing strategy for business to consumer?(B2C)

A

-Lots of advertising and marketing
-Keep product vibrant and distinctive with a critical focus on marketing mix

79
Q

what is the marketing strategy for business to business?(B2B)

A

-selling to other businesses which could redistribute the product
-Price is the most important factor, but equally product quality, place and promotion

Business Theme 1 (6 decks)

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