Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

CGP Business > Theme 1: Section 3-Marketimg Mix Strategy > Flashcards

Theme 1: Section 3-Marketimg Mix Strategy Flashcards

1
Q

Marketing Mix 4ps

A

Product, promotion, pricing and place.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Design mix Aesthetic

A

Meet the needs of the consumer, beautiful chair but uncomfortable to sit on.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Design mix Function

A

Colour, shape and overall look of product

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Design mix Cost

A

Paper clip business concerned with cost than aesthetics.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Social trends influence Design Mix

A

Starbucks selling reusable coffee cups, offering customer discount on hot drinks on next purchase.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Promotion in Marketing Mix

A

Gain customers attention to persuade them about the product.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Advertising through media

A

Promote goods or services and a firms public image.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Not all promotions involve advertising (Sales promotion)

A

Free gifts and special offers (BOGOF), raises awareness and increase sales.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Branding

A

Logo, name or statement. Customers recognise a business.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Manufacturer/corporate branding

A

How a business presents themselves.
Desperate product brand aimed at different consumers.
Apple logo, good quality

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Product branding

A

Own logo and slogan but brands incorporated in packaging that consumers trust.
For example, kelogg’s logo on cereal

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Own branding

A

In-house to supermarket/retailer.
No distinctive slogan/attractive logo.
Cheaper brand, lower quality.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

product rebranding/Business

A

Changing design, pricing or distribution.
Creates new identity

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Strong branding benefits

A

Add value to products make price elasticity of demand for a product less price elastic.
Create a barrier to newcomers into the market.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Ways to build a brand

A

USP or the image customers perceive of the brand.
Advertising to promote customer awareness

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Emotional branding helps engage consumers

A

Branding of product matches the lifestyle or value of consumers emotional response.
For example, Maltesers chocolate emphasise on sharing, enjoying time with friends. Attract consumers who share these ideas.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Factors affecting pricing decisions

A

Price has to cover the cost of making the product, acceptable to customers, stage of the life cycle and level of competition

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Price skimming

A

New and innovative products sold at high prices when they reach the market.
Price drops after a year due to competitors products at lower prices.
Costumers maybe annoyed due to sudden drops in price after purchase.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Penetration pricing

A

Launching at a low price to attract customers and market share.
Works for lower costs when manufacturing large quantities.
Customers may expect to continue having a low price, damages reputation.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Cost-plus pricing and formula

A

Adding a percentage mark-up to the cost of making or buying single product (unit cost).
Price= unit cost+(unit cost/100 x mark-up)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Predatory pricing

A

Deliberately lower prices to force businesses out of the market then raise the price again

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Competitive pricing

A

Monitoring competitors prices to make sure their prices are lower or equal.
Used in supermarkets, some stores refund if the products are cheaper somewhere else.

23
Q

Psychological pricing

A

Price based on customers expectations, high price think products are high quality.
Also, £99.99 seems a lot better than £100.

24
Q

Social trends affecting pricing strategies

A

Internet allows online retailers do price comparisons.
Allows them to shop around first best deals.

25
Q

Customers increasingly using online retailers

A

Price competitive, easy for customers to compare prices.
Cheapest retailer gets more sales, offering free delivery or free returns.

26
Q

Price comparison sites increasing

A

Easier to compare products, car insurance and save time and effort.

27
Q

Channel of distribution

A

Route a product takes from the manufacturer or producer to consumer

28
Q

Direct selling (Two stage channel): Manufacturer -> Consumer

A

E-commerce, buying and selling on the internet worldwide market.
Door-to-door sales, electricians and accountants.

29
Q

Indirect selling (three stage channel): Manufacturer->Retailer->Consumer

A

Common distribution for recreational items, clothes.
Increase the cost to consumer for more profit.

30
Q

Indirect selling (four stage channel):
Manufacturer->Wholesaler->Retailer->Consumer

A

Traditional distribution got groceries by supermarkets.
Each stage of distribution wants to make a profit, increases cost to consumer.

31
Q

Multi-channel distribution

A

Business sells through more than one method, online and in-store.
Gives flexibility for customers and wide market coverage for manufacturers.

32
Q

Single channel distribution

A

Only selling online has cheaper costs but problems establishing brand loyalty.
Customers like to see/feel goods before they purchase so it’s a limitation.

33
Q

Online distribution

A

Streaming or downloading media content via internet.

34
Q

Product life cycle

A

Shows sales of products overtime.
Planning marketing strategies.
Decisions based on life cycle.

35
Q

Development stage (life cycle)

A

Research and development of product.
Marketing department does market research.
High failure rate, not enough demand or not cheap product to make profit.

36
Q

Introduction stage (life cycle)

A

Launched into market or with complementary products, PlayStation with games.
Persuade retailers to sell it.

37
Q

Growth stage (life cycle)

A

New and old customers.
Improved products.
Rising sales encourage outlets to stock.

38
Q

Maturity stage (life cycle)

A

Sales reach a peak profit increases due to fixed costs of development paid for.
Sales may drop due to demand or competition.
Saturation-markets full and reached maximum growth.

39
Q

Decline stage (life cycle)

A

Sales fall rapidly, product withdrawn or sold (divestment).
Due to change in consumer tastes or poor marketing.

40
Q

Extension strategies

A

Product development and promotion used to improve sales.
Redesigning a product, packaging.

41
Q

Mixed product portfolio

A

Product line are products with similar characteristics.
Portfolio is combination of all product lines.
One product falls other products to rely on.

42
Q

Boston Matrix

A

Compares market growth within market share.

43
Q

Question marks/problem child (Boston Matrix)

A

Small market share high market growth.
Need heavy marketing to build the brand.

44
Q

Cash Cows (Boston Matrix)

A

High market share low market growth. Maturity phase.
High volumes for low costs.

45
Q

Stars (Boston Matrix)

A

High market growth and high market share.
growth phase.
Spend a lot on promotion and keep up with demand.

46
Q

Dogs (Boston Matrix)

A

Low market share low market growth.
Sell product if no longer making profit.

47
Q

Mass marketing strategy

A

Targets whole market instead of individual segments, Colgate toothpaste.

48
Q

Niche marketing strategy

A

Differentiated or unique product, sensodyne toothpaste for sensitive teeth.

49
Q

Business to Business Marketing

A

Sale of one businesses product to another business, surgical gloves to a hospital trust.

50
Q

Business to Consumer

A

Sale of a businesses product to a consumer, ready meals to shoppers in supermarkets.

51
Q

Customer loyalty

A

Builds strong relationships and lead to repeated purchases.

52
Q

Loyalty cards to promote customer loyalty

A

Ties customers into a service, helps when products are regularly purchased.

53
Q

Saver schemes to promote customer loyalty

A

collecting posts based on how much money you spend, Tesco Clubcard

CGP Business (10 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions