*BUSINESS MARKETING MARKETING MIX

What is an example of co. who's product portfolio that has evolved according to Moore's Law?

Apple:- many versions of same product eg: 7 versions of iPod 8 versions of apple mac NEW PRODUCTS - SMALL REVISION

PHYSICAL EVIDENCE?

allowing customers to see for themselves the QUALITY of the service eg: well presented reception area in a hotel = raise appropriate expectations in mind of the customer

PEOPLE?

as a service = intangible - person delivering the service to end user = MUST have sufficient training in order to ensure customer satisfaction Are the people selling you the product polite/helpful? what is the level of after-sales service? is there a guanrtee/warranty/automatic refund on return?

What is price elasticity?

change in demand in response to a change in price.

How will you decide which distribution channel is appropriate?

depends on: product - perishable or long lasting economies of scale to a mass market/niche market transportability how easy is product to consumer

What are the 4 stages the product must go thru before selling in the shops?

eg: iPad 1. Market research 2. Product development and testing 3. Function 4. Launch

What is branding?

The best branding is essentially great product differentior Branding is the use of an exclusive: Name Symbol Design 2 identify a specific product or business.

What is the name of stages of distribution channel?

short/direct long with no. of intermediaries

What are the main promotional techniques? 7

1. Broadcast med 2.Pprinted material - newspapers/magazines 3.Point of sale material and co. newsletters 4.Coupons/special offers/competition 5.Internet 6.Sales promotion 7.PR/ word of mouth

What is BCG MATRIX?

1. HH STAR eg: new movies 2. LH CASH COW eg: classic movies 3. HL PROBLEM CHILD eg:festival/world cinema 4. LL DOG eg: sequels

What are the 3 categories of pricing strategies that firms can use to achieve their marketing objectives?

1.Cost-based pricing 2.Competition-based pricing 3.Market/customer-based pricing

What factors determine price decision? (6) - 3 types of pricing - cost/custo/comp

1.Costs of production 2.Competitive conditions in the market 3.Competitors' prices 4.Marketing objectives 5.Price elasticity of demand 6.Whether it is a new or an existing product

What are the stages of the product life cycle? (6)

1.Research & development (R&D) 2.Launch (introduction of the product) (introduction) - heavy promo spending 2 inform about the product/few distribution channels SALES: 3.Growth 4.Maturity 5.Saturation - MARKET 6.Decline- SALES Today product life cycles are getting shorter and shorter - there is a huge amount of choice for the consumer - competitors enter markets all the time - could be useful for a co. to invest in patents to keep competitors out

What are the 5 types of consumer goods? SED NOTHING SPECIAL

1.STAPLE - essential everyday - batteries 2.EMERGENCY - self explantory - plasters 3. DURABLE - goods - not consumed immediately - over a LONG period of time - washing machine 4. NON-DURABLE - food items - must be used immediatley - perishable 5.SPECIAL - not classified as everyday items - seasonal/special occasions eg: branded handbag

Eval of main distribution channels?

1.producer to consumer eg: privately made bday cake 2. manufacture to retailer to consumer eg: vineyard to waitrose to consumer 3. manufacturer to wholesaler to retailer to consumer eg: garment factory in India - to wholesaler in London to market trader to consumer

What is the marketing mix made up of? 7Ps

7 interellated decsions main: PRICE PRODUCT PROMOTION PLACE (distribution) additional: PEOPLE PROCESS PHYSICAL EVIDENCE

PRICE?

= the amount paid by consumers for a product. Price = vital component of the marketing mix= impacts on the consumer demand for a product if price is set too low = consumers may lose confidence in product's quality if too high - therefore unable to afford it

PRODUCT?

A product can be defined as any good or service that satisfies the needs or wants of customers. Are the people selling you the product polite/helpful? what is the level of after-sales service? is there a guanrtee/warranty/automatic refund on return?

Does branding have an influence on marketing?

Create a powerful image/perception in the minds of consumers (either +/- ) and it can give one firm's products a unique identity.

What will the pricing level do? (3)

DETERMINE -the degree of value added by the business to bought-in components INFLUENCE - the revenue and profit made by the business due to its impact on demand REFLECT - the marketing objectives of the business and identity of a product.

What are the three most important features of a product or service? FAE

FUNCTIONAL - perform well safely AESTHETIC - physical attraction ECONOMIC - is this product profitable?

What 3 forms could the right product be for the consumers?

existing product adaption of existing product newly developed product

What are the main types of branding?

familiy - Hienz/Virgin product - Danon - dairy yoghurt own - Waitrose essentials - Tesco finest manufactuer - eg: ? global - Coca Cola/Google/Disney

Why does global branding happen?

globalization multi -national activity consumers wanting to expect the same thing difficult and $$ to maintain difficult to completely homogenize a product

What is a distribution channel?

how a final finished good/service is transported from producer to end user (consumer/industry)

PLACE?

how the product is distributed to the consumer

What is marketing mix?

key decisions that must be taken in the effective marketing of a product connected to the 4Ps.

PROMOTION? AIDA

must be effective telling consumers about product's availability/convincing them that YOUR BRAND = best one Packaging is used 2 reinforce image

PROCCESS?

satisfy the customers- reliability eg: bank replacing an out of date debit card SANS the customer asking 4 one

What is MOOre's Law?

the no. of transistors that can be placed cheaply on an integrated circuit board = increased exponentially ie: doubling every 2 years eg: CALC = +/- = evolving to quadratics/simultaneous eqs.

Do all the 7Ps have to work together?

yes - vitial that all fit together into a COHERENT/INTEGRATED plan = ensure these marketing decisions are interrelated carefully coordinated