Marketing mix - product and price Flashcards Preview

AS Business 9606 > Marketing mix - product and price > Flashcards

Flashcards in Marketing mix - product and price Deck (17)
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1
Q

Marketing mix

A

the four key decisions that must be taken in the effective marketing of a product

2
Q

Customer relationship management

A

Using marketing activities to establish successful customer relationships so that existing customer loyalty can be maintained.

3
Q

Brand

A

An identifying symbol name image or trademark that distinguishes a product from its competitors

4
Q

Intangible attributes of a product

A

Subjective opinions of customers about a product that cannot be measured or compared easily

5
Q

Tangible attributes of a product

A

Measurable features of a product that can be easily compared with other products

6
Q

Product

A

The end result of the production process sold on the market to satisfy a customer need

7
Q

Product portfolio analysis

A

Analyzing the range of existing products of a business to help allocate resources effectively between them

8
Q

Product life cycle

A

The pattern of sales recorded by a product from launch to withdrawal from the market and is one of the main forms of product portfolio analysis

9
Q

Consumer durable

A

Manufactured products that can be reused and is expected to have a reasonably long life such as car or a washing machine

10
Q

Extension strategies

A

These are marketing plans to expand the maturity stage of the product before a brand new one is needed

11
Q

Price elasticity of demand

A

Measure the responsiveness of the men following a change in price

12
Q

Full cost pricing

A

Setting a price by calculating our unit cost for the product and then adding a fix profit margin

13
Q

Contribution cost pricing

A

Setting prices based on the variable costs of making a product in order to make a contribution towards fixed costs and profit

14
Q

Competitive based pricing

A

A firm will base its price upon the price said by its competitors

15
Q

Dynamic pricing

A

Offering goods at the price that changes according the level of demand and the customers ability to pay

16
Q

Penetration pricing

A

Setting a relatively low price often supported by strong promotion in order to achieve a high volume of sales

17
Q

Market skimming

A

Setting a high price for a new product when a firm has a unique or highly differentiated product with low price elasticity of demand