Business theme 1 > 1.3 KEY TERM > Flashcards

1.3 KEY TERM Flashcards

(67 cards)

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1
Q

Marketing mix

A

strategy used to effectively promote products

(Place, price, product, promotion)

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2
Q

Design mix

A

function
Aesthetic
Econcomic manufacture

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3
Q

Promotion

A

use of marketing to bring prod/serv to attention of buyers

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4
Q

Personal selling

A

direct face to face interaction from skilled sales man

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5
Q

S and L of personal selling

A

S- improve customer satisfaction which inc rev

L- can be spenny to invest in training and salary

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6
Q

Advertising

A

reaching a large audience to inc brand awareness

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7
Q

S and L of advertising

A

S- reach large audience and create brand identity fast to inc sales

L- expensive as cash can become tied up meaning unable to spend it elsewhere

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8
Q

Publicity

A

creates interest and awareness in a product through media

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9
Q

S and L of publicity

A

S- inc brand awareness and reputation

L- no guarantee public will give bus favourable review

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10
Q

Sales promotion

A

short term inventive used by bus to encourage cust to buy prod immedietely

Boost sales fast

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11
Q

S and L of sales promotion

A

S- attract new cust bc prices lower than comp, inc market share

L- can be spenny to heavily discount

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12
Q

Above the line advertising

A

mass media marketing aimed at building brand awareness on a large scale

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13
Q

S and L of above the line advertising

A

S- strong brand awareness and recognition

-mass media method, wide reach

L- expensive, TV and major media costly

-broad audience which inc many that arent potential cust, less efficient

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14
Q

Below the line advertising

A

Directed to reach a specific small group audience

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15
Q

S and L of below the line advertising

A

S- highly targeted to reach specific demographics

-cost effective, cheaper than TV or print so suitable for smaller budget

L- limited reach

-time consuming and requires market research as needed deep understanding of cust

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16
Q

Branding

A

create unique identity for a business, prod that distinguishes itself from comp

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17
Q

S and L of branding

A

S- add value as more appealing than comp so pay more

L- high cost (advertising, marketing, packaging etc)

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18
Q

Manufacturer branding

A

manufacturer creates and promotes the brand of the product (using company’s name and logo to promote products)

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19
Q

S and L of manufacturer branding

A

S- strong brand recognition so custs likely to try other products in the range

L-if one product is scandal, demolished trust in company’s range

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20
Q

How to build a brand

A

USP- differentiate prod

Advertising- shape cost perception of prod to positive

Social media- submenu and engage with target audience

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21
Q

Viral branding

A

sales technique relies on word of mouth for info on prods

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22
Q

Cost plus pricing

A

bus calculate cost to make a product then add a mark up to how much profit they wanna make

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23
Q

S and L of cost plus pricing

A

S- always cover costs to make prod

L- attract consider comps price may set too high or low

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24
Q

Price skimming

A

Bus set high initial price then gradually lowers price over time

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25
S and L of price skimming
S- high initial profit L- early consumers may feel cheated when price drops so requires strong brand loyalty
26
Pricing penetration
price set low then gradually increases
27
S and L of pricing penetration
S- win over cust over comp L- short term losses can be huge
28
Oligopolies
market with few comp
29
Monopolies
large firm that controls industry
30
Competitive pricing
look at comps price and set price similar or discounted price (Cost have to judge on qual not price)
31
S and L of competiitve pricing
S- maintain market share in highly competitive marketing L- could neglect products cost or value
32
S and L of psychological pricing
S- generate more sales L- consumers may find it unfair or unethical
33
Distribution channel
chain of businesses’/intermediaries that a good passes until it reaches final buyer
34
Wholesaler
buy stock cheap from producers and add profit on to it to charge retail
35
Distributor
buy products from manufacturer and re sell them to retailer (Deal with cust)
36
Types of retailer
multiples (chain of shop owned by single company) Specialist (perfume, fashion)
37
Direct distribution
producer and consumer deal with eachother directly with no involvement of intermediaries
38
S and L of direct distribution
S- complete control of supply chain so control quality and price L- high cost to store and transport goods
39
Indirect distribution
use of intermediaries between producer and consumer
40
S and L of indirect distribution
S- can access larger markets L- loss of control of quality and delivery time
41
Multichannel distribution
bus use more than one type of distribution channel (CK sell through amazon)
42
S and L of multichannel distributio
S- allow more target markets to be reached -enables higher revenue L- complex to manage -higher operational cost (inventory, staff, tech)
43
Online distribution
selling online via apps and websites
44
S and L of online distribution
S- reach larger audience and less staff needed L- lots of comp and lack of physical interaction (cant see prod)
45
Product life cycyle
help forecast future trends helps with market positioning and helps analyse product portfolio
46
L of product life cycle
cycle length cant be predicted ad decisions can change length
47
Stages of prod life cycle
1- development (neg cash flow) 2- intro (neg cash flow as spend lots on promotion) 3-growth (cash flow turn positive, arrival of comp) 4- maturity (growth slows, comp at highest level) 5- decline (cash flow neg)
48
Extension strategies
lower price Modify to be appealing
49
Product portfolio
all prod serv company offers
50
Product portfolio analysis
assesses position of each product in firms portfolio to help determine right marketing strat for each product
51
Boston matrix
analyse prod portfolio to help determine right marketing strat
52
Stars- boston
stars (high mark share, in rapidly growing market)- invests into these
53
Cash cow - Boston matrix
Cash cow (high market share in slow growth market)- reduce investment
54
Question marks - Boston
? (Low market share in rapidly growing market)- invest in promotion
55
Dog - boston
Did- (low market share slow growing market) don’t invests
56
S and L of Boston matrix
S- help bus identify new opps in market -understand which prods in portfolio have most potential L- assumes market share and market growth and 2 only factors that determine profitability of prod
57
Business to business marketing
strategies used by business to market and sell prod to another business rather than consumer -ad focus on information not persuasive
58
S and L of B2B marketing
S- low marketing cost -less price sensitive as buyers focus more on value of prod not price L- limited market size, fewer potential cust than B2C
59
Business to consumer marketing
marketing to sell prods directly to indiv consumers (As must be attractive and persuasive to appeal to emotion)
60
S and L of B2C
S- large market size so prods sold to wide cust base -mass marketing inc effeciency and eos on promotion L- high comp as brand offers similar prods -low cust loyalty can easily switch brand
61
Inbound marketing
focus on firstborns cust by providing valuable content that solves their probs
62
S and L of inbound marketing
S- build trust and credibility L- slow initial growth
63
Outbound marketinf
actively pushing msgs to broad audience to generate immediate awareness and sales
64
S and L of outbound marketing’s
S- fast results and immediate visibility L- cost as ads and promotion is expensive
65
Hybrid strategies
combo of both inbound and outbound stratagies
66
S and L of hybrid strategies
S- wider reach, combines mass reach with targeted engagement L- skill intensive as requires expertise in both inbound and outbound tools
67
Customer loyalty
liklihood of cust returning to buy prod/serv from business
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