Key terms 1.3-Marketing Mix and Strategy Flashcards Preview

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Flashcards in Key terms 1.3-Marketing Mix and Strategy Deck (46)
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1
Q

what is design mix?

A

the range of features that are important when designing a product

2
Q

what is consumer durables?

A

good that can be used repeatedly over a period of time, such as cars and household appliances

3
Q

what is product design?

A

the process of creating a new product or service

4
Q

what is ergonomics?

A

the study of how people interact with their environment and the equipment they use- often in the workplace

5
Q

what is ethical sourcing?

A

usi ng materials, components and services from suppliers that respect the environment, treat their workforce and generally trade with integrity

6
Q

what is recycling?

A

making use of materials that have been discarded as waste

7
Q

what is resource depletion?

A

the using up of natural sources

8
Q

what is waste minimisation?

A

reducing the quantity of resources that are discarded in the production process

9
Q

what is marketing mix?

A

the elements of a business’s marketing that are designed to meet the needs of customers (4Ps)

10
Q

what is promotion?

A

an attempt to obtain and retain customers by drawing their attention to a firm or its products

11
Q

what is advertising?

A

communication between a business and its customers where images are placed in the media to encourage the purchase of products

12
Q

what is viral marketing?

A

any strategy that encourages people to pass on messages to others about a product or a business electronically

13
Q

what is above the line promotion?

A

placing adverts using the media

14
Q

what is below the line promotion?

A

any promotion that does not involve using the media

15
Q

what is emotional branding?

A

the practice of using the emotions of a consumer to build a brand

16
Q

what is a generic brand?

A

products that only contain the name of the product category rather than that company or product name

17
Q

what is a manufacturing brand?

A

brands created by the producers of goods or services

18
Q

what is own label, distributor or private brands?

A

products that are manufactured for wholesalers or retailers by other businesses

19
Q

what is point of sale?

A

any point where a consumer buys a product

20
Q

what is public relations?

A

an organisation’s attempt to communicate with interested parties

21
Q

what is sales promotion?

A

methods of promoting products in the short term to boost sales

22
Q

what is sponsorship?

A

making a financial contribution to an event in return for publicity

23
Q

what is product life cycle?

A

shows the different stages in the life of a product and the sales that can be expected at each stage

24
Q

what is extension strategies?

A

methods used to prolong the life of a product

25
Q

what is unit costs?

A

the same as average cost (total cost/output)

26
Q

what is mark up?

A

the percentage added to unit cost that makes a profit for a business when setting the price

27
Q

what is pricing strategy?

A

the pricing strategies or methods used by a business when deciding what to charge for its products

28
Q

what is competitive pricing?

A

pricing strategies based on the prices charged by rivals

29
Q

what is cost plus pricing?

A

adding a percentage (mark up) to the costs of producing a product to get the price

30
Q

what is penetration pricing?

A

setting a low price when launching a new product in order to get established in the market

31
Q

what is predatory/ destroyer pricing?

A

setting a low price forcing rivals out of business

32
Q

what is psychological pricing?

A

setting the price slightly below a round figure

33
Q

what is price skimming?

A

setting a high price initially and then lowering it later

34
Q

what is distribution?

A

the delivery of goods from the producer to the sonsumer

35
Q

what is distribution channel?

A

the route taken by a product from the producer to the customer

36
Q

what is intermediaries?

A

links between the producer and the consumer

37
Q

what is an agent?

A

an intermediary that brings together buyers and sellers

38
Q

what is retailer?

A

a business that buys goods from manufacturers and sells them in small quantities to consumers

39
Q

what is a wholesaler?

A

a business that buys goods from manufacturers and sells them in smaller quantities to retailers

40
Q

what is breaking bulk?

A

dividing a large quantity of goods received from a supplier before selling on in smaller quantities to customers

41
Q

what is direct selling?

A

producers selling there products directly to consumers

42
Q

what is e-commerce?

A

the use of electronic systems to sell goods and services

43
Q

what is marketing strategy?

A

a set of plans that aim to achieve a specific marketing objective

44
Q

what is the boston matrix?

A

a 2x2 matrix model that analyses a product portfolio according tot he growth rate of the market and the relative market share of products within the market

45
Q

what is product lines?

A

a group of products that are very similar

46
Q

what is product portfolio?

A

the collection of products a business is currently marketing