Marketing mix & strategy Flashcards
Design mix
Combination of function, aesthetics, and cost that businesses consider when designing a product or service.
Aestetics
-How the product appeals to customers, e.g. packaging, shape
-Way of differentiation
-Needs to fit market segment
Function
-The way the product works
-Does it do what it needs to do?
-Extra features for USP
Economic manufacturing
-Does the design allow the product to be profitable
-Does the design add value
Individual branding
-Brand associated with a specific good e.g Marmite
+ public disaster with one brand not affecting other brands
Brand family
-Brand associated with more than one product e.g. Cadbury
+Adds value-comforting/famillier
brand corporate
-promoting the brand name of a corporate entirety as opposed to specific products e.g. Universal
+Reconiseable & trustworthy for customers
Persuadive advertising
-Built for long term sales
-Creates customer image for business
E.g. coke cola
Public relations promotion
-Built for long-term sales
-affects customer image with out spending too much on media advertising
E.g. positive mentions from journalist, sport sponsorship
Building short term sales
- Buy one get one free
-Short-term, immediate boost of demand
-At the cost of profit margins
2.Seasonal price promotion
-Boost capacity utilisation + cash flow in off-season
e.g. seaside hotels in winter
Viral marketing
Encouraging customers to share info through social media platforms
Social media promotion
-Increase interaction with customers, increase bonding with the brand
-Gives capacity for crowdfunding
-High level of targeting
Emotional branding
-Creating an emotional connection with the brand
-Relay how the brand makes you feel
E.g. Nike-“Just Do It”
B2C
Business selling to a customer
-Customer buys with emotion
-Expects a reality that conforms to the image and value for money
Evaluation of B2B
+Larger deals, greater rev per sale
+Longer term relationships, repeat orders
-Longer sale time, sales take longer
-More complex buying process, negotiation, multiple decision-makers
B2B
Business selling to another business
-Business buys without emotion, less need for glossy advertising
-Reliability, price, and service are more important factors
Evaluation of B2C
+Direct customer access, stronger relationships
+Large & diverse markers, opportunities to expand
-High marketing costs, advertising to reach target market & build brand awareness
-Competition, established brands & new entrants vying for customers
How businesses develop customer loyalty
- Understand the customer- qualitative research
- Build a strong brand image
- Provide exceptional customer service
- High quality goods
- Create an emotional connection-loyalty more than just a repeat purchase
