P1 Hw 17- Marketing Strategy

Question 1

Product lifecycle

Answer 1

A model showing the lifespan of a products sales from launch to being taken off the market

Question 2

Extension strategies

Answer 2

Ways in which a business modifies a product to appeal more to customers and maintain skews maturity

Question 3

Boston matrix

Answer 3

A tool to analyse a products market share and growth within a market

Question 4

Product portfolio

Answer 4

The range of products a business sells

Question 5

Customer loyalty

Answer 5

Having customers that repeatedly purchase from your business

Question 6

Barrier to entry

Answer 6

A factor that can prevent competitors from entering a market

Question 7

E-Commerce

Answer 7

Selling and buying goods online

Question 8

M-Commerce

Answer 8

Buying and selling goods through devices like phones

Question 9

Impulse purchasing

Answer 9

Making an unplanned purchase

Question 10

Intermediary

Answer 10

Businesses who work as the middle man between other businesses or customers

Question 11

Product range

Answer 11

All products that a business sells

Question 12

B2B

Answer 12

Business making transactions with other businesses

Question 13

B2C

Answer 13

Business selling directly to customers

Question 14

Homogenous good

Answer 14

A good that is identical in quality and features

Question 15

Advantages of the product lifecycle

Answer 15

• Allows businesses to understand how each stage influences the marketing mix
• helps decision making
• can be changed to fit different products

Question 16

Disadvantages of the product lifecycle

Answer 16

• assumes every product will follow same pattern
• overly simplistic

Question 17

Advantages of Boston matrix

Answer 17

• Helps identify new opportunities
• identify where each product is positioned in the market

Question 18

Disadvantages of the Boston matrix

Answer 18

• oversimplified
• subjective
• only considers 2 factors (market share and market growth)

Question 19

4 categories of Boston matrix

Answer 19

Rising star
Cash cow
Problem child
Dog

Question 20

Describe each category in the Boston matrix

Answer 20

Rising star- holding. Invest heavily in promotion, high sales revenue, lots of competition

Cash cow- milking. Wouldn’t use lots of promotion, not much competition, high sales revenue

Problem child- building. Lots of promotion, low sales revenue, lots of competition

Dog- divesting. Get rid of product or improve it, very low sales revenue

Question 21

Portfolio analysis

Answer 21

Assessing all investments to see if their performance is meeting goals and requirements