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AQA GCSE 9-1 > Unit 5.2 - Marketing mix > Flashcards

Unit 5.2 - Marketing mix Flashcards

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1
Q

Difference between product range and portfolio

A

Range is the different variations of the same product where portfolio is the different products a business sells

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2
Q

Different categories of the product life cycle (5)

A 
Research and development
Introduction
Growth
Maturity
Decline
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3
Q

Different extension strategies (5

A 
Adding more or different features
New packaging 
Targeting new markets
Advertising 
Lowering price
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4
Q

Different segments of the Boston matrix and how are they categorised (4)

A

Star - high market growth and share
Question marks - high growth low share
Cash cows - low growth high share
Dogs - low growth low share

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5
Q

Benefits of developing products

A

Increase sales
Appeal to a new market segment
Charge a higher price
Increase reputation

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6
Q

Drawbacks of developing products

A

Costly
Time consuming
Waste resources - if customers don’t want it
High unit costs - not able to produce on a large enough scale
Product could be of poor quality

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7
Q

Define brand image

A

Features of a business that makes them recognisable by customers - adverts, slogans, logo, quality etc

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8
Q

Define product differentiation

A

Making your product different from other products in the market - having a unique selling point (USP) or something that makes it stand apart from others

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9
Q

Achieving differentiation (4)

A

Function - purpose of the good - unique features
Appearance - is distinctive
Packaging - makes the product stand out
Cost - low manufacturing costs

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10
Q

Define demand

A

The quantity of a product that customers are able and willing to buy

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11
Q

Internal factors affect pricing decisions (4)

A

Businesses aims and objectives
The costs of the business
Where it is in the product life cycle
Other aspects of the marketing mix

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12
Q

External factors affect pricing decisions (3)

A

Nature of the market - luxury, inferior, normal
Competitors
Economy - inflation

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13
Q

Name and define the different pricing strategies (5)

A

Price penetration - price starts low and over time rises to a competitive level
Price skimming - price starts high and falls to a competitive level
Loss leader - selling a product below cost, so they buy other products being sold
Cost plus pricing - covering your costs and adding a mark up
Competitive pricing - similar prices to others

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14
Q

Reasons businesses promote (4)

A

Inform customers about products
Persuade customers to buy products
Create or change the image of products
Create or increase sales

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15
Q

Business promotion methods (11)

A 
Newspapers - local/national
Magazines
Posters/billboards  
Leaflets/flyers/business cards 
TV
Internet 
Sponsorship 
Radio - local/national
Sales promotions - 3for2/BOGOF/coupons, competitions, free samples and gifts, point of sale displays
Social media
Public relations (PR) - communicating with the media
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16
Q

Influences on promotional mix (5)

A 
Finance available
Nature of the product or service
Competitors
Nature of the market
Target market
17
Q

Define place

A

How products get from manufacturers to customers - also known as channels of distribution

18
Q

Different channels of distribution (8)

A 
Producer - wholesaler- customer
Producer - customer
Producer - retailer - customer
Producer - wholesaler - retailer - customer
E-commerce 
M-commerce
Telesales 
Mail order
19
Q

Difference between e and m commerce

A

E-commerce allows goods and services to be bought on the internet where m-commerce allows goods and service to be bought using a mobile device

20
Q

Define levels of distribution

A

It is the intermediaries (other organisations) between the producer and consumer
Zero level - zero intermediaries
One level - one intermediary
Two level - two intermediaries

21
Q

Advantages of e and m commerce (4)

A

Access wider markets
Lower costs - save money on paper, less staff, close shops/buildings
Locate in areas with low wage costs
Offer lower prices - price competitive

22
Q

Disadvantages of e and m commerce (3)

A

Specialist equipment
Specialist workers - to design/maintain
Can’t see or touch the goods - some customers don’t like this

AQA GCSE 9-1 (27 decks)

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