marketing strategies Flashcards
what are the 5 stages of the product life cycle
development intro growth maturity decline
what are the characteristics of a star product
profitable may need investment in production very competitive consistent production in growth phase of PLC
where is star on the boston matrix
high market share and high market growth
what are the characteristics of a question mark product
low sales does business try and increase sales or remove from market just launched building customer loyalty needs investment to build market share
where is a question market on the boston matrix
low market share but high market growth
what are the characteristics of a cash cow product
profitable don't require much investment revenue made is used to fund stars reaching maturity phase has customer loyalty keep producing until decline
where is a cash cow on a boston matrix
low growth and high market share
what are the characteristics of a dog product
may bring in some revenue limited opportunity for growth facing decline surplus stock usually on sale
where is a dog on the boston matrix
low market share and low growth
what does a business use the boston matrix for
to ensure product portfolio is balanced
what style of marketing does B2B marketing use
straight to the point informative no gimicks involved advertise the quality and functionality of product e.g paper for schools may offer trial period
how are sales with B2B marketing different from B2C marketing
larger transactions placed
pay on trade credit
order through invoice system
what style marketing does B2C use
short message to point out benefits
more eye catching
try to build emotional connection between consumer and product
how are sales with B2C marketing different from B2B
not looking to build relationship with supplier, one off purchase
consumers want variety of distribution channels to increase convenience
what is an outbound marketing strategy
direct marketing material at consumers e.g email, telemarketing, targeted adverts in specialist publications
