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Buisness man > Outcome 2- 7 P's of Marketing + Product Lifestyle > Flashcards

Outcome 2- 7 P's of Marketing + Product Lifestyle Flashcards

1
Q

The 7 P’s Of Marketing

A

Product, Price, Place, Promotion, People, Physical Evidence, Process.

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2
Q

Product Element (Define)

A

A Product is a good or service that can be offered in an exchange for the purpose of satisfying a need or want

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3
Q

Product Element (Tangible and Intangible Products)

A

Tangible Products are the goods. They are easy to value, have little customer impact and value can be purchased.

Intangible Products are services. This is the image, rep and style. They are are to value and can be consumed at a later date.

All Products are a Collaboration of tangible and Intangible attributes.

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4
Q

Product Element (Product Positioning)

A

Refers to the way the product image is developed. When a new product is launched, marketers need to determine the position of the product. This done through, Name, Price, Packaging, Style, Promotion and Channels of Distribution

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5
Q

Product Element (Product Branding - Symbols and Logos)

A
  • Brand
  • Brand Name
  • Brand symbol or logo
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6
Q

Product Branding (Brand)

A

The name, term, symbol design or a combination that identifies a product.

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7
Q

Product Branding (Brand Name)

A

The part of the brand that can be spoken

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8
Q

Product Branding (Brand symbol or logo)

A

A Brand logo does not have to duplicate the words in the brand name.

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9
Q

Product Element (Brand Packaging)

A

Well designed packaging can give a positive impression and encourage first time customers to purchase. It can create an image of luxury or exclusivness.

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10
Q

Product Element (Web Link)

A

Packaging Council of Australia awards.

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11
Q

Price Element (3 Pricing Methods)

A
  • Cost Plus Margin
  • Market
  • Competiton based
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12
Q

Price Element (Competition Based)

A

When there is a large amount of Competition in the market, Businesses can select a price that is lower, equal or higher than the competitors.

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13
Q

Price Element (Cost Plus Margin)

A

Total Cost of production and an added amount for profit.

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14
Q

Price Element (Market)

A

Prices can be set according to the level of supply and demand. When demand is high, prices are high and when demand is low, prices fall

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15
Q

Place Element (Distribution Channel)

A

A distribution channel is a way of getting the product from the producer and sells to the customer. This may involve a number of Intermediaries

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16
Q

Producer to Customer

A

Involves no Intermediaries. Example Car repair.

17
Q

Producer to Retailer to Customer

A

A retailer is a intermediary who buys from the producer and sells to the customer for example ; furniture or food.

18
Q

Producer to Wholesaler to Retailer to Customer

A

The Wholesaler (Who buys in bulk) buys from the producer who sells it to the retailer (In smaller quantities)

19
Q

Producer to Agent to Wholesaler to Retailer to Customer

A

An Agent distributes a product to a wholesaler but never owns the product. Agents are paid- commission by the producer.

20
Q

Place Element (Non Store Selling)

A

Such as door- door sales, mail orders, catalogues and vending machines.

21
Q

Place Element (E-Marketing)

A

An alternative method of distributing where the customer may deal directly with the producer.

22
Q

Market Coverage

A
  • Intensive Coverage- Saturating the market. The product is available in many places. Eg; Soft drinks
  • Selective Coverage- Using only some outlets where the product will be available eg; Consumer shopping products.
  • Exclusive Coverage- The use of only one retail outlet for a product in a large geographical area eg; Roles Royce cars
23
Q

Promotion Mix (Define)

A

Promotion mix are the various methods used in a business’ promotional campaign. Businesses can choose from three methods.

  • Personal Selling
  • Publicity and Public Relations
  • Advertising
24
Q

Promotion Element (Personal Selling)

A

A message modified to suit individual customer needs.

25
Q

Promotion Element (Publicity and Public Relations)

A

Publicity is free and its timing is not controlled by the business but it can enhance the image of the products.

26
Q

Promotion Element (Advertising)

A

Buying time on Tv, radios or internet

27
Q

Product Lifestyle (Define)

A

A Business must be able to launch, modify and delete products from its range in response to changes in the product lifestyle. Failure to do so will result in declining sales.

28
Q

Product Lifestyle (Introduction Stage)

A

The business tries to increase consumer awareness. The brand is established. The price of the product is commonly lower than competitors in order to gain foot hold and the physical evidence is detailed info about testing of the new product

29
Q

Product Lifestyle (Growth Stage)

A

Brand acceptance and market share are actively pursued by the producers of the product. The quality of the product is maintained and improved. The Price per unit is maintained as the business enjoys increased consumer demand and as the product is more successful, more evidence of its success can be provided.

30
Q

Product Lifestyle (Maturity Stage)

A

Sales Plateu as the market becomes saturated. The product will need to differentiate from competitors. The price may need to be adjusted downwards to hold off competitors and customers are more likely to be more aware of the product.

31
Q

Product Lifestyle (Decline Stage)

A

Sales begin to decline as the business faces several options. The Product is discontinued and is sold to another business. The Products price is reduced to remain in stock and info may need to be provided to assure customers the product is still functional.

32
Q

Product Lifestyle (Extension Stage Definition)

A

Instead of decline, products can be revived and begin a new cycle of growth and eventual maturity.

33
Q

Product Lifestyle (Extension Stage - Expansion through export)

A

Australian companies choose to increase their number of exports because Australias domestic market is small and Expansion through the internet as made exporting easier.

34
Q

Product Lifestyle (Extension Stage - Expansion through Diversification)

A

Diversification occurs when businesses vary their range of products of their field of operations.

  • Product Diversification- A business deciding to increase range of products sold eg; including snack foods with tuna.
  • Geographic diversification- Operating in different locations both domestically and globally. Having a number of locations helps minimise the risk of business failure

Buisness man (9 decks)

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