Product or Service Design Flashcards
what does the marketing mix provide?
a framework for businesses to create and implement successful marketing strategies
what do the 4Ps of the marketing mix represent?
key elements of a marketing strategy
what doe the 4Ps in the marketing mix stand for?
product
price
place
promotion
what do theses four components work together to satisfy?
the needs and wants of a target market which achieving the company’s objectives
what does understanding the marketing mis enable business to do?
differentiate themselves form competitors
why is the marketing mix essential for a business?
allows them to maximise it marketing impact and achieve long-term success
what are some examples of promotion?
sales promotion
advertising
public relations
direct marketing
what are some examples of place?
channels
market coverage
assortment
location
inventory
transport
what are some examples of price?
price strategy
pricing
allowances
discounts
payment terms
what are some examples of product?
features
quality
branding
packaging
service
warranties
what is the product design mix?
the combination of elements that make a products design
what elements does the design mix include?
function, aesthetics and cost
how does balancing the elements of function, aesthetic and cost help the product design?
help is be functional and attractive, while also being cost-effective for both the manufacturer and consumer
what is the function of a product?
its intended purpose and the specific tasks it is designed to preform
what is the most important aspect of a products design?
the function
why is the function of a product the most important aspect of its design?
because it determines how well the product will meet the needs of its intended users
what does aesthetic refer to?
the products visual and sensory appeal (shape, colour, and texture)
what are the main roles of the products aesthetic?
to attract the customer, create brand loyalty, and generating word of mouth recommendations
why does cost have to be considered when designing a product?
because it directly affects the price point at which it can be sold
in terms of cost, what should a well-designed product do?
balance cost and value
why should well-designed products balance cost and value?
because it ensures that customers perceive the product a valuable enough to justify its cost whilst maintaining profitability for the manufacturer
what does social trends refer to?
changes in attitudes, behaviours and lifestyles of people
what can social trends significantly impact?
the product design mix
