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Business > Unit 2 - Marketing > Flashcards

Unit 2 - Marketing Flashcards

1
Q

What is product portfolio?

A

A product portfolio is the range of items sold by a business. It can be analysed using the Boston Matrix. Boston Matrix.

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2
Q

What is a brand?

A

a type of product manufactured by a particular company under a particular name.

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3
Q

What is an own brand?

A

A product manufactured specially for a retailer and bearing the retailer’s name.

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4
Q

Why does a larger business often widen their portfolios?

A

To try and reach a different group in the market so that can increase their market share.

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5
Q

Are there problems of widening product portfolios?

A

Yes because if it does not work then you have lost a lot of money when you could of spent it on improving the main areas of the business.

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6
Q

What is the product life cycle?

A

A model showing the lifespan of a product’s sales from launch to being taken off the market

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7
Q

Stages of the product life cycle

A 
Research and development - iPhone 11
Introduction - iPhone x
Growth - Tesla
Maturity - coca cola 
Decline - Toys'R'Us
Discontinued - Monarch
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8
Q

What is an extension strategy?

A

When a company tries to do something to stop the product from going into decline

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9
Q

Examples of Extension strategy?

A 
New design 
Rebranding 
Sales offers
Selecting a new target market 
Improving the product
Reduce price
Chose whether to promote or not
New flavours (food)
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10
Q

What is product mix?

A

the total range of products offered by a company.

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11
Q

What is Product Range?

A

A product range is a set of variations on a specific product made to appeal to different market segments. A product mix is a blend of related products that can be marketed together to similar market segments.
E.g. Coca cola have all different flavours

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12
Q

What is price?

A

How much a product costs and how much money is required to purchase it

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13
Q

What factors influence the amount a business can charge for a product?

A 
Location 
Quality of product
Demand
Brand 
Stage of product life cycle 
State of the economy
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14
Q

What is cost plus pricing?

A 
When a company adds on a percentage to how much they made the product for so that they can always make money 
Positives:
Lowers costs 
Always makes profit
Negative:
Can't make big money
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15
Q

What is competitive pricing?

A

When you look at competitors and adjust your prices to try and beat their prices
Positives:
Gains market share
Negative:
If prices start to get too low you start to lose money

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16
Q

What is skimming pricing?

A 
Start at a high price and then gradually the price of the products go down e.g. iPhone 
Positive:
Makes a product more desirable 
Maximise products 
Negative:
May be too expensive
17
Q

What is penetration pricing?

A 
Firm prices start low to draw in customers and then will start to go up in price
Positive:
Draws in customers
Negative:
Could have made more money
18
Q

What is loss leader pricing?

A 
Prices set below costs so that they can get customers and also hope they buy other products in the store which have all been increased in prices.
Positive:
Gets customers in 
Negative:
Lose money
19
Q

What is psychological pricing?

A 
When a company prices something at £1.99 instead of £2 this is because people think they are getting it for cheaper even though there is only a 1p difference 
Positives:
Brings in customers 
Negative:
Could make a little more money 
Everyone pretty much does it
20
Q

What is destroyer pricing?

A 
When a company sets it's prices really low so that they can eliminate any competitors.
Positive:
Eliminate competition
Negative:
Make a lose 
Not legal
21
Q

What is promotion?

A

Communication between businesses and customers to make a customer aware of product

22
Q

Why is promotion important?

A 
An attempt to increase market share
Increase sales
Brand image/recognition 
Growth
Competitive advantages
Public relations
23
Q

What is above the line promotion?

A

That is where companies use the media to promote their businesses e.g. Tv, Radio

24
Q

What is below the line promotion?

A

When companies promote their businesses using flyers and posters

25
Q

What is advertising

A

Trying to get the business out to people though Tv, Radio, Online and billboards

26
Q

What is sponsorship

A

When a company sponsors someone or something to try and get more publicity e.g. 32Red sponsoring Leeds

Business (9 decks)

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