Marketing mix, Product Life Cycle & Business Road map Flashcards

1
Q

Marketing mix

A

a foundation model for businesses, hystorically centered around product, price, place and promotion

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2
Q

Target market

A

Product, price, promotion, place

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3
Q

Two type of based pricing

A

Value based (market driven)
Cost based ( costs + profit)

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4
Q

Marketing mix, customer perspective

A

Percieving value of the total offering (not only product)
Will also consider his own internal costs/benefits
Willing & able to pay for your offering

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5
Q

Marketing mix, seller perspective

A

Final price - costs -> profit levels
Willing to accept (profit & succesfull)

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6
Q

Product life cycle (PLC), why?

A

Makes it visible how far you are in the life cycle
Analyze & manage your product portfolio
Forecast sales trends (=expected PLC)
To decide when it is appropiate to take certain business actions, such as investments, promote, reduce prices/costs/harvest/sell

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7
Q

Product life cycle (PLC)

A
  1. Development
  2. Introduction
  3. Growth
  4. Maturity
  5. Decline
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8
Q

Development stage (PLC)

A

No sales volume
High investments
Offering is not yet completely defined
Promotion

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9
Q

Introduction stage (PLC)

A

Low sales volume
Still investments in product & market
Offering is basic
Promotion (build awareness)

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10
Q

Growth stage (PLC)

A

Sales volume growth
Controlled investments
Marketing mix

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11
Q

Maturity stage (PLC)

A

Profit peaks
Highest, more or less stable sales volume
Investments to maintain the position and further reduce costs
Heavy competition, only major players remain
Marketing mix

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12
Q

Decline stage (PLC)

A

Falling sales & profit
Minimize production
Take easy opportunities to keep profit
Consider your exit
Marketing mix

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13
Q

Technology Adoption Life Cycle (TALC)

A

To explain how people respond to innovations that require the person to change their past behaviour

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14
Q

Business road map, business development

A

the creation of long-term value for an organization

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15
Q

Business development planning

A

Forecasting: match ‘what’s out there?’ with your organization capabilities

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16
Q

Two types of business development

A

Market development (product specialisation)
Product development (market specialisation)

17
Q

Market development (product specialisation)

A

higher risks
controlled scale up
translate all aspects in the offering to the new market

18
Q

Product development (market specialisation)

A

lower risks: known, although still unknwn for different offerings
development always needed: stay competitive

19
Q

Growth can be via

A

Acquisition/merges
Organic growth
Develop your business via improvements