The Seven Ps of the Marketing Mix Definitions Flashcards

1
Q

Product life cycle

A

the length of time from when a product is first introduced to when it is removed from the market

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2
Q

Research and development stage(R&D)

A

the stage before the product is launched, where the business focuses on market research, product development and preparation of production

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3
Q

Introduction stage

A

the first stage of the product life cycle, when the product is initially launched into the market

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4
Q

Growth stage

A

the second stage of the product life cycle, which is characterised by an increase in sales over time

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5
Q

Maturity stage

A

the third stage of the product life cycle, where sales are stable over a period of time(i.e. sales will still be growing, but at a slower rate)

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6
Q

Decline stage

A

the fourth stage of the product life cycle, where sales and/or market share decreases

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7
Q

Extension strategies

A

methods used by businesses to keep a product in the maturity stage of the product life cycle(i.e. lengthen the maturity stage), rather than letting it go into the decline stage

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8
Q

Distribution channel

A

the network used to move a product from the manufacturer to the end users

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9
Q

Brand

A

a name, symbol or design that is used to identify a product or company

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10
Q

Brand awareness

A

the degree to which consumers recognise a product by its name and special characteristics

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11
Q

Brand development

A

the process of building brand awareness by cultivating the business’s values and consumer perceptions of the product

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12
Q

Brand loyalty

A

a situation where customers continue to buy a particular brand, even when alternatives exist

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13
Q

Brand value

A

the monetary worth of a brand as an intangible asset, if a business was to be interested in selling it

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14
Q

Markup

A

the amount of money added to the cost price of goods to cover overheads and profit

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15
Q

Overhead

A

referring to a cost that is incurred for the upkeep(running) of a business and not attributable to individual products or items

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16
Q

Cost-plus(markup) pricing

A

a pricing strategy whereby all direct costs and some allocation of indirect costs are added together, along with some markup(either a fixed or percentage amount) to determine the sales price to customers

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17
Q

Penetration pricing

A

a pricing strategy where the business sets a very low price on a new product or service to encourage customers to buy it; later the price is increased

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18
Q

Fast moving consumer goods(FMCG)

A

products that are sold quickly, consumed regularly, and typically have a short shelf life

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19
Q

Loss leader

A

a product that is sold at a loss to attract customers

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20
Q

Loss leader pricing

A

a pricing strategy in which a product is priced lower than its production cost in order to attract customers who can then be sold other, more expensive products

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21
Q

Monopoly

A

a situation in which a market is dominated by one supplier

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22
Q

Predatory pricing

A

a pricing strategy where a business sells a product or service at such a low price that businesses cannot compete and are forced to leave the market; the remaining business can then enjoy a monopoly position and raise prices accordingly

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23
Q

Premium pricing

A

a pricing strategy where a business sets the price of its products higher to create the impression that the products are of higher quality or value than their lower-cost equivalents

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24
Q

Dynamic pricing/price discrimination

A

a pricing strategy where the same product is sold to different customers at different prices(based on time, the specific group of customers, etc.)

25
Q

Competitive pricing

A

a pricing strategy where the price of a company’s goods or services is based upon what its competitors are charging for similar goods and services

26
Q

Contribution pricing

A

a pricing strategy where the price charged for a product reflects the variable(direct) costs plus some markup(the latter of which is the contribution to fixed costs)

27
Q

Contribution

A

the price of the product minus the variable(direct) costs per unit(in contribution pricing)

28
Q

Demand

A

the willingness and ability of customers to buy products at a particular price and time

29
Q

Price elasticity of demand(PED)

A

a measure of how sensitive consumer demand is to changes in the price of a product

30
Q

Price elastic demand

A

a situation where a price change in a product causes a more than proportional change in its demand

31
Q

Price inelastic demand

A

a situation where a price change in a product causes a less than proportinal change in its demand

32
Q

Unitary elastic demand

A

a situation where the demand for a product changes proportionally to its price

33
Q

Subsitute goods

A

a product that customers see as the same(or similar enough to) as another product

34
Q

Above the line promotion(ATL)

A

promotion aimed at mass audiences, and are generally not targeted

35
Q

Below the line promotion(BTL)

A

promotion aimed at specific segments and do not rely on mass market audiences

36
Q

Through the line promotion(TTL)

A

an intergrated marketing approach that includes both above the line and below the line elements

37
Q

Direct marketing

A

a form of marketing communication that uses one or more types of media(e.g. emails, phone calls, letters, etc.) to communicate directly with a target audience and measure their response

38
Q

Conversion

A

the process of getting customers or potential customers to respond to the ‘call to action’ of a business

39
Q

Digital marketing

A

the use of the internet, mobile devices, social media, search engines, and other channels to reach consumers

40
Q

Loyalty program

A

a marketing approach that recognizes and rewards customers who purchase or engage with a brand on a recurring basis

41
Q

Merchandising

A

the promotion of goods that are available for purchase for both wholesale and retail sales

42
Q

360-degree marketing

A

a marketing campaign that reaches customers at all possible points of contact(i.e. both ATL and BTL promotion)

43
Q

Intermediary

A

a person or business that acts a go-between in a transaction

44
Q

Wholesaler

A

a business selling goods in large quantities to retailers, generally at a low price

45
Q

Breaking bulk

A

a practice in which wholesalers break larger units of products into smaller units to deliver to retail outlets

46
Q

Place

A

an element of the marketing mix related to the physical distribution of products

47
Q

Agent

A

a person who acts on behalf of another person or group

48
Q

Commission

A

a type of payment to an employee or agent based on the number of sales or a percentage of the value of sales

49
Q

Distribution channel

A

the network of businesses or intermediaries through which a good or service passes until it reaches the end consumer

50
Q

Direct distribution

A

a type of distribution in which the producer deals directly with the customers(i.e. does not involve intermediaries)

51
Q

Indirect distribution

A

a type of distribution channel in which the producer reaches the customers via one or more intermediaries

52
Q

Broker

A

a person who buys and sells products for others

53
Q

People

A

those who are involved in offering a service; an element of the marketing mix

54
Q

Induction

A

training for new employees when they first start work at an organisation

55
Q

Process

A

an element of the (services part of) the marketing mix related to the activities needed in the interaction between the customer and the business

56
Q

Q-commerce(quick commerce)

A

a type of e-commerce where emphasis is placed on quick deliveries, typically in less than an hour

57
Q

Dark store

A

a warehouse store that provides items for online shopping(i.e. for e-commerce, especially Q-commerce) and are needed for the quick delivery og foods to a client

58
Q

After-sales service

A

the maintenance, help and information that a business procides to the customer after they purchase a product

59
Q

Product porfolio

A

the collection of all the products and services a company offers to its customers