the management process responsible for identidying, anticipating and satisfying customer requirements profitably
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The Marketing Mix
all the elements of a firms marketing strategy that are used to make their products more attractive to customers (aka: 4Ps)
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Design Mix
the way in which function, aestetics and economic manufacture are combined in the overall design
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Function
the way in which a product performs
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Aestethics
the degree of beauty or style; as percieved by the user
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Promotion
a key part of the marketing mix with 2 purposes; to inform customers and potential customers about the product and to persuade them to buy it
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Added Value
the difference between the selling price of a product or service and the cost of it's material inputs
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Unique Selling Point (USP)
any feature of a product or service that sets it apart from its competitors
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Viral Marketing
any strategy that encourages individuals to pass on a marketing message to someone else
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Sales Offers
usually short-term techniques or incentives to encourage customers to buy
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Sponsership
businesses gain publicity by financially supporting an event, activity or person in order to gain a positive brand image
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Public Relations
involves liasing with the press and media and providing information about the company in order to gain positive promotion without payment
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Branding
reffering to spesific products recognised by that name
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Distribution
getting products to the right place for consumers and at the right time
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Distribution Channel
the route taken by the product as it moves from the producer to the customer
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Producer
the business which actualy creates or packages the goods/services
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Wholesalers
buy products in large quantities from different producers and have the facilities to keep a large range of stock to sell to retailers in smaller quantities
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Retailers
sell to the consumers in smaller quantities than wholesalers
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E-tailing
all forms of online sales to consumers
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Product Life Cycle
the different stages a product passes through as it moves from an idea to the end of its life
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Obsolenscence
the product has declined to the stage where costs exceed revenues and has been withdrawn from the market
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Extention Strategy
a way of prolonging or renewing the life cycle of a product, most commonly used during the maturity stage
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The Boston Matrix
a method of analysing a company's products in terms of their market share and growth potential
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Product Portfolio
the range of products that a business provides (aka: product mix)
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Customer Loyalty
a preference for a produc or brand based on experience and/or an emotional attatchment, which inclines buyers to repeat purchases and away from rivals
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Other cards in this set
Card 2
Front
all the elements of a firms marketing strategy that are used to make their products more attractive to customers (aka: 4Ps)
Back
The Marketing Mix
Card 3
Front
the way in which function, aestetics and economic manufacture are combined in the overall design
Back
Card 4
Front
the way in which a product performs
Back
Card 5
Front
the degree of beauty or style; as percieved by the user
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