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Business > Marketing Mix and Strategy > Flashcards

Marketing Mix and Strategy Flashcards

1
Q

What is a good?

A

Goods of tangible nature e.g iphone

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2
Q

What is a service?

A

Goods of intangible nature e.g haircuts

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3
Q

What are 3 reasons people buy products?

A

-Benefits and satisfaction
-Symbols and ideas
-Positive expectations

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4
Q

What is the core part of a product?

A

It is what the customer wants to get the most from the product

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5
Q

What is the actual part of a product?

A

The tangible and intangible qualities of a product

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6
Q

What is the augmented product?

A

The extras that go with a product

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7
Q

What are the 4 main things when making an actual/augmented product?

A

-Reliability
-Quality
-Design
-Image

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8
Q

What is the design mix?

A

The 3 elements of a product that can help to differentiate from competitors

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9
Q

What are the 3 elements of the design mix?

A

-Aesthetics
-Function
-Cost/economic function

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10
Q

How to businesses change the design mix due to social trends?

A

-Waste management/resource depletion
-Design products for reuse
-Design products for recycling

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11
Q

What are the pros of resource depletion strategies?

A

-Save money by being more effective with packaging and raw materials
-Cuts down waste disposal costs
-Cheaper and more straightforward with environmental laws

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12
Q

What are the cons of resource depletion strategies?

A

-Will need to redesign production methods and products
-Difficult to source recycled products

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13
Q

What is ethical sourcing?

A

When businesses only use materials and services from suppliers who respect the environment and treat their workforce well while trading honestly

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14
Q

What are the pros of ethical sourcing?

A

-Can be used as marketing
-Attracts investors
-Motivates staff and promotes loyalty
-Prevents issues e.g negative press

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15
Q

What are the cons of ethical sourcing?

A

-Time consuming and difficult to find ethical suppliers
-Increased production costs

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16
Q

What is a brand?

A

A distinguishing symbol, logo or name that companies use to distinguish their products from others on the market

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17
Q

What is brand experience?

A

A brands actions perceived by a person

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18
Q

What is brand equity?

A

The value of a brand

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19
Q

What is brand extension?

A

Using an existing brand name on a new product

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20
Q

What is a manufacturers brand?

A

-Created by manufacturers
-Use advertising and promotion to encourage brand loyalty
-Higher prices
-More repeat purchases

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21
Q

What is an own label brand?

A

-Created by retailers
-Consumers get good value for money
-Higher profits to the retailer
-Creates ties between the customers and retailers

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22
Q

How can you create a brand?

A

-USP
-Advertising
-Sponsorship
-Use of social media

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23
Q

What is promotion?

A

The attempt throughout forms of media to draw attention to a product and thereby gain and retain customers

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24
Q

What is above the line promotion?

A

Mass media promotional methods

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25
Q

What are the advantages of above the line promotion?

A

-Higher customer attention
-Wide coverage
-Promotes the image of the company

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26
Q

What are the disadvantages of above the line promotion?

A

-Impersonal
-Lacks flexibility
-Only one way communication

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27
Q

What is below the line promotion?

A

Promotional methods which are more personal, traditional and allow the company to control the message that consumers receive

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28
Q

What are the advantages of below the line promotion?

A

-Adaptable
-Interactive
-Two way communication

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29
Q

What are the disadvantages of below the line promotion?

A

-Expensive
-Can only reach a limited number of customers
-Narrow coverage

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30
Q

What is emotional marketing?

A

Seeking to create a bond between a customer and the product by provoking an emotional response to the advertising

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31
Q

What is social media promotion?

A

-Communicating
-Providing value through daily content
-Having accountability

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32
Q

What is viral marketing?

A

Brand awareness which is created through word of mouth

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33
Q

What is premium pricing?

A

Pricing at or near the high end of the price range to attract status conscious customers

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34
Q

What is cost plus pricing?

A

Adding a markup to the cost which can be used for unique and differentiated products

35
Q

What is skimming pricing?

A

Charging the highest initial price that customers will pay and then lowering the price at a later date

36
Q

What is penetration pricing?

A

Setting prices at a lower price initially to encourage customers to try the product and is used to encourage switching from competitors

37
Q

What is predatory pricing?

A

Large scale undercutting competitors to try and eliminate competitors but may result in selling lower than production costs

38
Q

What is competitive pricing?

A

Setting prices based on the prices of direct customers or price matching them

39
Q

What is psychological pricing?

A

Making prices seem more attractive to consumers

40
Q

What is distribution?

A

The process of getting the right product or service to the consumers in the right place

41
Q

What are channels of distribution?

A

The paths and businesses used to get the goods from the manufacturer to the consumer

42
Q

What is a multichannel?

A

Producer, wholesaler, retailer, consumer

43
Q

What are wholesalers?

A

Take bulk quantities from manufacturers and distribute them to smaller stores in the local area

44
Q

What are the advantages of wholesalers?

A

-Wholesaler deals with storage of the product
-Sells products to smaller companies
-Employs a sales team to increase sales

45
Q

What are the negatives of wholesalers?

A

-Wholesalers will need to make a profit so the final price is higher
-Business has less direct contact with the customer
-Hard to rely on promotion from the wholesaler

46
Q

What is a single channel?

A

Producer, retailer, consumer

47
Q

What are retailers?

A

A business or company that sells to the consumer directly, they buy the goods from a manufacturer and sell them to consumers at a marked up price

48
Q

What are the benefits of retailers?

A

-Retailers are spread all over the country which increases sales
-Retailer creates an appropriate image when displaying a product
-More profitable for retailers as it removes the middle man

49
Q

What are the negatives of retailers?

A

-Retailers build a relationship with the customer not the manufacturer
-Must rely on the retailer to display and sell the product

50
Q

What is direct distribution?

A

Direct selling which means that products are sold directly from the manufacturer to the consumer

51
Q

What are the benefits of direct distribution?

A

-Full control of the sales process
-Get a direct line of feedback from customers

52
Q

What are the negatives of direct distribution?

A

-High costs to develop and manage a sales team
-Higher distribution costs

53
Q

What is an agent?

A

Selling the products or service in return for commission

54
Q

What are the aims of distribution?

A

-Get products to as many customers as possible
-Find the most cost effective way to get products to customers
-Make sure the product is easily available to customers

55
Q

What is online distribution?

A

Processing orders for their consumers through the company’s website

56
Q

Ways that distribution has changed to reflect social trends?

A

-Online distribution
-Home delivery
-Changing from a product to a service

57
Q

What is E-commerce?

A

The buying and selling of goods and services online

58
Q

What is M-commerce?

A

The buying and selling of goods and services through a mobile device

59
Q

What has been the impact of E-commerce?

A

-Reduction in high street sales
-Many retailers have been replaced
-Supermarkets now offer online shopping and home delivery

60
Q

What is multi-channel distribution?

A

The use of several methods of distribution in order to maximise sales, profit and loyalty by giving customers choice and convenience

61
Q

What are the benefits of E-commerce?

A

-Reach a larger audience
-More convenient for customers
-Lower fixed costs
-Customers leave important date about themselves

62
Q

What are the negatives of E-commerce?

A

-Not everyone has access to internet
-Customers may not be willing to purchase as they cannot touch the product before buying
-Possible expensive postal services
-Worries around internet security

63
Q

What is a product portfolio?

A

The range of products made by a business

64
Q

What are the advantages of a wide product portfolio?

A

-Target new customers
-Spread risks
-Increase in sales/profits

65
Q

What are the disadvantages of a wide product portfolio?

A

-Increased advertising
-Danger of cannibalisation (everything is the same)
-Lacks economies of scale

66
Q

What is marketing strategy?

A

A plan by a business to achieve its marketing objectives
-involves targeting a specific market in order to increase sales, gain market share and increase profitability

67
Q

What should a business consider to develop a successful marketing strategy?

A

-Product portfolio
-Product life cycle
-Mass or niche market

68
Q

What are the stages of the product life cycle?

A

-Introduction = sales are low as the new idea is introduced to the market
-Growth = rapid growth in sales and profits
-Maturity = tough competition means sales begin to level off
-Decline = shrinking market and sales decline

69
Q

What are extension strategies?

A

Used to boost sales of a mature product
e.g changing packaging, relaunching the product

70
Q

What are the advantages of the product life cycle?

A

-Forecast sales trends over time
-Helps adapt strategies dependant on the stage
-Simple to use

71
Q

What are the disadvantages of the product life cycle?

A

-Not all products follow the product life cycle
-Hard to predict how long a product will be in each stage
-Only a theory

72
Q

What factors can influence price?

A

-Target market
-Customer expectations
-Competition
-Production costs
-Business objectives

73
Q

What are the types of promotion?

A

-Direct marketing = communicating directly with the customers through advertising
-Display = draw attention to a product
-Sales promotion = e.g contests, special offers
-Public relations = using the media to create positive stories about the business
-Personal selling = communication with potential buyers about a product to make a sale
-Adverts
-Sponsorship = used to increase brand recognition
-Word of mouth
-Trade fair = an exhibition to demonstrate a product
-Product placement = a form of advertisement where products are placed in a context e.g tv shows

74
Q

What is the boston matrix?

A

A development from the product life cycle and is used when a business has a number of products to manage

75
Q

What does cash cow mean?

A

-Dominant products in a low growth market
-Customers know and understand the product
-Limited/stable marketing strategies
-Limited growth with high profits

76
Q

What is a star?

A

-Dominant products in a growth market
-High competition
-Growth stage with lots of advertising and promotion

77
Q

What is a question mark?

A

-Poor competitive position in a growing market
-Don’t make much profits but have potential
-May invest in more money into the product or withdraw it

78
Q

What is a dog?

A

-Weak position in a low growth market
-Don’t show much profit or potential for future profits
-Should cut back investment or close operation

79
Q

What are the marketing strategies of mass markets?

A

Uses mass media e.g tv, radio, newspapers

80
Q

What are the marketing strategies of niche markets?

A

Uses smaller media e.g specialist magazines, word of mouth, websites, direct mail

81
Q

What does B2C mean?

A

Business to consumer

82
Q

What does B2B mean?

A

Business to business

83
Q

What is business to business marketing?

A

Informative advertising rather than persuasive e.g trade fairs

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