Marketing Mix § Strategy Flashcards
Marketing mix
Place
Price
Profuct
Promotion
Design mix
Functions
Aesthetics
Cost / Economic manufacturing
Branding
Creates a clear and obvious logo, statement or name.
Branding
Manufacturer or corporate branding
Product branding
Own branding
Strong branding - Benefits
Adds value to its products
Makes product less price elastic
Products perceived as higher quality/ more desirable - consumer mag be willing to pay a premium price - loyalty ~> repeat purchases
Creates a barrier to entry
Ways to build a strong brand
Clear USP
Advertising - promotes and maintains consumer’s awareness
Sponsorship
Pricing decisions - Factors
PED
How price sensitive the target market is
Level of competition
USP
Stage of the life cycle
Business objectives
Marketing mix
Promotional pricing strategies
Price skimming
Penetration pricing
Cost plus pricing
Predatory pricing
Competitive pricing
Psychological pricing
Distribution channel - define
The route a product takes from the manufacture or producer to the consumer
Distribution channel’s
Retailers
Wholesalers
Agents
Channels of distribution
Direct selling- manufacture ->consumers
Indirect selling - manufacture -> retailer -> consumer
Indirect selling - manufacture-> wholesalers -> retailers -> consumers
Product life cycle - define
Shows how the sales of a product change over time
Product life cycle stages
Development Introduction Growth Maturity Decline
Extension strategies
Product development - improving, reformulating or redisigning a product
Promotion - ad campaign, speacisl offers or competitions
Boston Matrix - define
Compares market growth with market share
