marketing mix and strategy

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  • Created by: abi2422
  • Created on: 17-01-22 18:14
what are the 3 elements to design mix?
function
aesthetics
cost
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what are the four P's?
product
price
place
promotion
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what is the marketing mix?
the combination of elements used by a business to enable it to meet the needs and expectations of customers
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what is branding?
the process involved in creating a unique name and image for a product in the customers' mind, mainly through advertising campaigns with a consistent theme
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what are the ways to build a brand?
different methods of promotion/advertising
create a USP
sponsorship
use of social media to build a relationship between the business and the consumer
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what is the promotional mix?
the promotional methods that a business uses to pursue its marketing objectives
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what are the main elements of the promotional mix?
advertising
sales promotion & merchandising
personal selling
public relations/ publicity/ sponsorship
direct marketing
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what is direct marketing?
sending promotional materials and messages directly to the target audience
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what are the financial objectives of price setting?
maximise profit
achieve a target level of profits
achieve a target rate of return
maximise sales revenue
improve cash flow
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what are the marketing objectives of price setting?
maintain/improve market share
beat/prevent competition
increase sales
build a brand
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what are pricing methods?
the methods used to calculate the actual price set
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what are the three main levels of pricing?
pricing methods
pricing tactics
pricing strategies
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what are the main influences on pricing?
costs
elasticity of demand
product life cycle
market share
marketing objectives
positioning
competitors
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what is cost-plus pricing?
price is set by applying a percentage margin based on the unit costs of production or supply
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what is price skimming?
charging a premium price when a product is first launched in order to maximise revenue per unit
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what is penetration pricing?
offering a significantly lower price when a product is first launched in order to maximise revenue per unit
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what is dynamic pricing?
setting flexible prices for products or services based on current market demands
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what is direct distribution?
where a producer and consumer deal directly with each other without the involvement of an intermediary
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what is indirect distribution?
involves the use of intermediaries between the producer and consumer
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what is a distribution channel?
the route a product takes form production to final consumption
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what is multichannel distribution?
where a business uses more than one channel of distribution
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what are the five stages of the product life cycle?
development
introduction
growth
maturity
decline
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what are the key points of development?
often complex & time consuming
absorbs significant resources
cost of development often rises as product approaches launch
high failure rate
test launch may reduce the risk of product failure
can be a long lead time before sales are achieved
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what are the key points of introduction?
new product launched on the market
likely to be a low level of sales
low capacity utilisation & high unit costs
usually negative cash flow
distributors may be reluctant to take an unproven product
heavy promotion to make consumers aware of the product
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what are the key points to growth?
fast growing dales, helped by wider distribution
rise in capacity utilisation - should lower unit costs
product gains market acceptance
cash flow may become positive
the market grows, profits rise but attracts the entry of new competitors
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what are the key points to maturity?
slower sales growth as rivals enter the market = intense competition + fight for market share
high level of capacity utilisation
high profits for those with high market share
cash flow should be strongly positive
weaker competitors start to leave the mar
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what are the key points to decline?
falling sales
market saturation and/or competition
decline in profits & weaker cash flows
more competitors leave the market
decline in capacity utilisation- switch capacity to alternative products
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what is the Boston matrix?
a model used to analyse the strategic position of product and brand portfolios
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what does the Boston matrix consist of?
rising star
problem child
cash cow
dog
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Other cards in this set

Card 2

Front

what are the four P's?

Back

product
price
place
promotion

Card 3

Front

what is the marketing mix?

Back

Preview of the front of card 3

Card 4

Front

what is branding?

Back

Preview of the front of card 4

Card 5

Front

what are the ways to build a brand?

Back

Preview of the front of card 5
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