Brainscape's Knowledge GenomeTM

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


See full index

Business from the book > unit 3 - chapter 10 > Flashcards

unit 3 - chapter 10 Flashcards

1
Q

Marketing mix definition

A

the combination of marketing choice that can be used by a business to influence consumers to buy products

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

what are the 7 P’s of the marketing mix

A
  • price
  • product
  • place
  • promotion
  • people
  • physical environment
  • process
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

what does price mean in the marketing mix

A

price of the product,
- prices for different versions of the product
- can people pay in instalments

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

what does product mean in the marketing mix

A

the product itself
- physical features and specifications of the product
- design
- how reliable
- any garuntees

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

what does place mean in the marketing mix

A

distribution of the product
- how the ownership of the product moves from producer to consumer

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

what does promotion mean in the marketing mix

A

way in which the business communicates
- advertising
- public relations
- sponsorships
- sales promotion
- sales team (to contact customers or distributors)

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

what does people mean in the marketing mix

A

people involved in the transaction

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

what does process mean in the marketing mix

A

how you buy the product
- online shopping
- ques
- parking
- time taken to checkout

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

what does the physical environment mean in the marketing mix

A

the physical premises of the business
- how the business presents themselves (building design and decoration)

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

what are the 4 stages of the marketing process

A
  • segmentation
  • targeting
  • positioning
  • marketing mix
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

internal influences on the marketing mix

A
  • changes in financial position
  • changes to staff brings new marketing oppurtunities
  • changes to operations
  • changes to objectives
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

external influences on the marketing mix (PEST-C)

A
  • political and legal factors
  • economic factors
  • social factors
  • technological factors
  • competition
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

what are the 2 types of products

A

-consumer
-industrial

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

consumer products definition

A

goods bought for consumption by the general public

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

industrial products

A

are goods bought for use in business processes

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

what are 2 differences of industrial products

A
  • less packaging and branding
  • want to understand exactly how the product brings value and helps their business
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

what are the 3 types of consumer products

A
  • convenience items
  • shopping goods
  • specialty goods
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

what are convenience products

A

widely distributed products to consumers, widely available in most stores
- if not in one store close competitors are available

e.g milk, newspaper

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

what are shopping goods

A

customers compare price and features between options and take time before decisions
- bigger purchases
e.g washing machine, fridge

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

what are specialty products

A

time taken to decide could be months/years, consumers willing to travel far for them and brand/physical environment is very important

rolex watch, sports car

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

what are the 3 features of a product

A
  • core benefits
  • tangible
  • augmented
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

what is tangible
(3 features of a product)

A
  • specifications
  • reliability
  • design
23
Q

what is augmented
( 3 features of a product)

A

refers to the “extras”
- brand name
- the delivery
- any guarantees
- after sales-service

24
Q

product life cycle definition

A

a model that shows the sales of a product over its life.

25
Q

what are the 4 stages of a product life cycle

A

introduction, growth, maturity and decline

26
Q

product portfolio analysis definition

A

examines the arket position of all of the products of a business

e.g in terms of market share or market growth

27
Q

what are the 4 aspects of managing products

A
  • product life cycle
  • new product development
  • branding
  • product portfolio analysis
28
Q

what is the development stage in the product life cycle

A

investment into research and development, products are tested
- cashflow is negative

29
Q

what is introduction stage in the product life cycle

A

when the product is launched, sales could be low, high levels of investment for advertising

30
Q

what is the growth stage in the product life cycle

A

when sales begin to increase fast-rate, still investment
- cash flow should be becoming positive

31
Q

what is the maturity stage in the product life cycle

A

the rate of growth sales begin to slow, sales could be high but not increasing rapidly

32
Q

why do products reach the maturity stage in the product life cycle

A
  • due to competitors entering the market
33
Q

what is the decline stage in the product life cycle

A

sales are falling, advertisement slowed/stopped,
- positive cash flow

34
Q

why might products enter the decline stage of the product life cycle

A
  • new and better products
  • reduction in advertisment
35
Q

extension strategy definition

A

when a business tries to prevent sales of a product from falling and avoid or delay the decline stage of the cycle

36
Q

what do the 3 extension stratergy graphs look like

A

page 126

37
Q

what are 5 extension strategy’s

A
  • find new uses
  • increase usage
  • find new market segments
  • promote more effectively
  • modify the product
38
Q

boston matrix definition

A

analyses all of the firm’s products in terms of their market share and the growth of the market

39
Q

balanced portfolio definition

A

an appropriate mix of products in terms of their market shares and market growth

40
Q

what are the 4 names of the boston matrix

A
  • cash cows
  • dogs
    -stars
  • question marks / problem children
41
Q

what are dogs
(boston matrix)

A

low share of a slow-growth market
- either invest to reinvent the product
- or let the product die and decline

42
Q

what are cash cows
(boston matrix)

A

high market share but slow growing market
- don’t need heavy promotion
- high sales because they are known

e.g hienz beans

43
Q

what are problem children / question marks
(boston matrix)

A

fast growth market, but low market
- problem because they may turn well or not

44
Q

what are stars
(boston matrix)

A

fast growth markets and high market share
- needs investing and promoting to remain a star

45
Q

price skimming definition

A

occurs if a relatively high price is charged when a product is launched

46
Q

penetration pricing definition

A

occurs when a business charges a low price to gain market share

  • mainly when PED is elastic
47
Q

what are the 6 factors effecting that influences pricing

A
  • stages of the products life cycle
  • costs
  • PED
  • positioning
  • other elements of the marketing mix
  • competitiveness of the environment
48
Q

dynamic pricing definition

A

occurs when prices are changing rapidly in response to changing in demand conditions

49
Q

viral marketing definition

A

marketing technique that uses social media and networks to raise brand awareness and boost sales

50
Q

what are the 5 influences on the promotional mix

A
  • promotional budget
  • target market
  • the message (e.g redbull, high energy sporty)
  • positioning
  • competitive environment
51
Q

multichannel distribution definition

A

customers can buy the product in several ways

52
Q

5 influences on distribution decisions

A
  • the degree of coverage
  • the cost of different distribution strategies
  • the nature of the product
  • how customers expect to access the product
53
Q

E-commerce definition

A

buying and selling of products through an electronic medium such as the internet

Business from the book (10 decks)

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