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Business AS > The Marketing MIx > Flashcards

The Marketing MIx Flashcards

1
Q

Name the 5 P’s.

A 
Price 
Place
Product 
Promotion
Packaging
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2
Q

Name 4 out of the 9 Pricing Strategies.

A 
Cost Plus Pricing- 
Competitor Pricing-
Promotional Pricing-
Premium Pricing-
Penetration Pricing-
Psychological Pricing-
Loss Leader-
Differential Pricing-
Market Skimming-
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3
Q

Define- Cost Plus Pricing

  • Competitor Pricing
  • Penetration Pricing-
A

CPP- Companies work out the cost of producing a product and then add a large percentage on top.
CP- Prices set based on the price of other companies in the same market.
PP- Start off entering the market at a low price and then bumping it up when the product is established.

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4
Q

Define- Premium Pricing

  • Promotional Pricing
  • Psychological Pricing
A

Premium- Overprice the product to keep it exclusive
Promotional- Offers and deals to get people to buy the product (BOGOF)
Psychological- Selling a product for just less than the nearest £ seems more attractive (£2.99)

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5
Q

Define- Loss Leader

  • Differential Pricing
  • Market Skimming
A

LL- Selling a product for a loss but making up profit elsewhere.
DP- Changing the price of a product depending on the time of day or the person buying the product (cinemas)
MS- Aiming a product at specific people at inflated prices.

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6
Q

What is the idea of PLACE?

A

Making goods or services available for those who want to buy them.

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7
Q

What is a Distribution Chanel?

What are the two types?

A

Refers to how goods and services are actually moved/distributed from manufacturer to consumer/end user and where goods are usually sold.
Indirect and Direct

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8
Q

What are the 4 Distribution Channels?

A

Producer-Wholesaler-Retailer-Consumer (FULL CHAIN DISTRIBUTION)
Producer-Retailer-Consumer
Producer-Wholesale-Consume-
Producer-Consumer

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9
Q

In terms of PRODUCT- what are the two types of goods?

And, what is a service/

A

Consumer Goods- products for public use
Capital Goods- owned by companies and used to produce other goods.
A service is a non-physical product.

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10
Q

What are durable and perishable goods?

A

Durable goods are long lasting and can be used time and time again.
Perishable goods can only be used once and have an expiry date.

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11
Q

Name some factors of a successful product.

A 
Attractive design and packaging
Efficient- perform as expected
Reliability- last reasonably long
Quality must match price
Good service- offer a reassurance
USP- make it unique.
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12
Q

What is the Boston Matrix?

What are the 4 possible places for a product to be?

A

The BM is used by a company so they know where each of their products is in terms of market share and market growth.
Star- Cash Cow- Problem Child- Dog

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13
Q

What are the purposes of PACKAGING?

A 
Protection from light, dust and transit
Convenience- ease of use
Design is eye catching
Information clearly displayed- weight, manufacturer, storage etc
Extend shelf life
Comply with legislation- legal aspects
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14
Q

Why do businesses use PROMOTION?

A 
To bring a product or a range to the attention of existing and potential customers.
Increase sales
Attract new customers
Create an image
Informational purposes
Encourage consumer loyalty
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15
Q

What are the two types of PROMOTION?

A

Above the line

Below the line

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16
Q

Outline ‘Above the line’ promotion.

A

Uses mass media to target the mass market
Includes online social media, television and cinema advertising.
Fairly expensive, but shows a lot of people your product in a short space of time

17
Q

Outline ‘Below the line’ promotion.

A

Very specific, memorable activities focused on targeted groups of consumers.
Includes sponsorship, sales promotion, public relations and personal selling.

18
Q

What is a BRAND?

A

Could be a sign, symbol, term, design or any other feature that allows consumers to identify the good and services from competitors.

19
Q

Name 2 branding strategies.

A

Individual Branding
Family Branding
Corporate Branding
Brand extension strategies

20
Q

Why do businesses use BRANDING?

A 
Consumer loyalty
Image for your product
Sell more
Added Value
Price Flexibility
Differentiation with competition
Try new product because trust the brand
International recognition

Business AS (6 decks)

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