The marketing mix Flashcards
What is Marketing ?
Marketing is an investment which leads to brand awareness and trust.
What are some examples of activity that Firms do for Marketing?
Research
Analyse
Setting Marketing goals
Develop Market Strat
What is Market orientated ?
when the business bases its marketing mix on its perception of what the market wants
What are the key features of a Market orientation ?
Fast response to changes in Market
Able to anticipate market challenges
Confidence of a new product success
What are the advantages of Market orientation ?
Flexible to change market
Decisions based on market research
Loyal Customers
Disadvantges of being Market-led?
High cost of Market research to understand the market
Unpredictable of the future
Constant Internal changes
What is product orientation?
base its products or services on what it perceives as its internal strengths.(Don’t take account of customer needs and wants)
Advantages and cons of Product Orientation?
EOS
Quality improvement
Focus on Product development
Changes in Market cannot be responded to
Fashion and taste not included for the product mix
What is Asset-led Marketing?
Tries to relate a customers taste to the business’ own strengths
Benefits of Asset-led marketing?
Aware of Weaknesses(reduce)
Cost of market research lower
Success greater
What is the marketing Mix?
Set of tactics and strategies (4P)
to effectively market products to target customers