Marketing strategies are how the business intend to acheive their marketing..
Goals
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A mixture of marketing techniques such as pricing, packaging, and advertising used to promote the sale of a product
Marketing Mix
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Pricing strategy - Setting a high price when the product is launched which may then be lowered when competitors enter the market
Skimming
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Pricing strategy - Setting a relatively low price to establish a market share. Price will then rise once this has been achieved.
Penetration
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Pricing strategy - Charging a permanently high price (for luxury products)
Premuim
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Pricing strategy - Charging the same or similar price as rivals
Competitive
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The stage of a product's life cycle where you can build an awareness of your product or service in certain markets and develop a specific market (usually marked with high levels of advertising)
Introduction
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The stage of a product's life cycle where sales growth begins to accelarate with increasing sales year-over-year
Growth
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The stage of a product's life cycle where demand will not increase. If it were to increase it would've already done so. No amount of advertising can now increase the demand for this product as it has reached the upper bounds
Maturity
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The stage of a product's life cycle where the product has passed its highest point of demand and the demand is decreasing as a newer product makes it obsolete.
Decline
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Part of the Boston Box - These have a high market share as well as a high market growth. They should be heavily invested in as they have lots of potential to sell and to bring brand loyalty.
Stars
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Part of the Boston Box - These have a low market share but high market growth. They have the potential of being better and turning into stars. They are a starting point for most businesses
Problem children
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Part of the Boston Box - These have a high market share but low market growth. Their profits are maximized as they are in the maturity stage of a product life cycle. The revenue generated from these may be used to invest in stars and question marks.
Cash cows.
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Part of the Boston Box - These have a low market share as well as a low market growth. Should not be invested in and should get rid of these by scrapping them or selling them.
Dogs
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Techniques designed to allow customers to identify products/services from the rivals.
Branding
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Any sign that can distinguish products from one to another and make sure they can't be copies
Trademark
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This makes it against the law to plagiarise someone else's idea or work and pass it off your own
Copyright
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This Provides the inventor of a technological breakthrough the ability ti ctop rivals copying their ideas for up to 20 years
Patent
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A social trend - This involves trading in a way which is deemed morally correct
Ethical
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Price elsaticity of demand measures the ______ of demand to changes in price
Sensitivity
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When the demand is not that sensitive to price change, it is called..
Inelastic
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When demand is sensitive to price change, it is called..
Elastic
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PED = % change in demand ÷ % change in..
Price
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If the answer to the PED equation is greater than 1, then the _____ is elastic
Demand
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Other cards in this set
Card 2
Front
Marketing strategies are how the business intend to acheive their marketing..
Back
Goals
Card 3
Front
A mixture of marketing techniques such as pricing, packaging, and advertising used to promote the sale of a product
Back
Card 4
Front
Pricing strategy - Setting a high price when the product is launched which may then be lowered when competitors enter the market
Back
Card 5
Front
Pricing strategy - Setting a relatively low price to establish a market share. Price will then rise once this has been achieved.
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