Marketing mix - product and price Flashcards
Marketing mix
the four key decisions that must be taken in the effective marketing of a product
Customer relationship management
Using marketing activities to establish successful customer relationships so that existing customer loyalty can be maintained.
Brand
An identifying symbol name image or trademark that distinguishes a product from its competitors
Intangible attributes of a product
Subjective opinions of customers about a product that cannot be measured or compared easily
Tangible attributes of a product
Measurable features of a product that can be easily compared with other products
Product
The end result of the production process sold on the market to satisfy a customer need
Product portfolio analysis
Analyzing the range of existing products of a business to help allocate resources effectively between them
Product life cycle
The pattern of sales recorded by a product from launch to withdrawal from the market and is one of the main forms of product portfolio analysis
Consumer durable
Manufactured products that can be reused and is expected to have a reasonably long life such as car or a washing machine
Extension strategies
These are marketing plans to expand the maturity stage of the product before a brand new one is needed
Price elasticity of demand
Measure the responsiveness of the men following a change in price
Full cost pricing
Setting a price by calculating our unit cost for the product and then adding a fix profit margin
Contribution cost pricing
Setting prices based on the variable costs of making a product in order to make a contribution towards fixed costs and profit
Competitive based pricing
A firm will base its price upon the price said by its competitors
Dynamic pricing
Offering goods at the price that changes according the level of demand and the customers ability to pay
