Theme 1 Topic 18 - Marketing Strategy Flashcards
What are the six stages of the product lifecycle?
Development, Introduction, Growth, Maturity, Decline, Extension
What are five examples of extension strategies?
Advertising, Price reduction, Product development, Explore new markets, New packaging
What are three problems of using the product life cycle?
Limited use as the exact life span of a product is never known, Based off past data, Difficult to predict
Define Portfolio
The rang of products a business has
What does the Boston Matrix categorise the products based on?
Market share and Market growth
What are the four categories in the Boston Matrix?
Stars, Cash cows, Question marks, Dogs
Define Stars
High growth product with a high market share
Define Cash Cow
High market share in a low growth market
Define Question Marks
Low market share in a high growth market
Define Dogs
Low market share in a low growth market
What does the marketing mix consist of?
Price, Product, Place, Promotion
Define B2B
Where businesses sell directly to other businesses, including advertising in trade magazines and negotiated prices
Define B2C
Businesses sell directly to a consumer, involving fixed prices, media advertising and limited product choices
What are five ways a business can persuade customers to keep returning?
Communication, Customer service, Customer incentives, Personalisation, Preferential treatment
