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47 Cards in this Set
- Front
- Back
Marketing mix
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The parts that the make up the marketing for a product or service. Often limited to the four Ps, but can include other features.
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The 4p's
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Price
Product Place Promotion |
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The 5th p
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Packaging
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SWOT
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Strengths
Weaknesses Opportunities Threats |
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Interal
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Strenghts
Weaknesses |
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External
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Opportunities
Threats |
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Socio-economic
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A method of dividing up the population based on the occupation of the head of the household.
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Mass market
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Making a product for a large number of customers.
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Niche market
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A small market for a specialised product.
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Product-oriented
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Where a business makes a product and hopes to sell it without first analysing.
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Market-oriented
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Where a business analyses the market and consumers needs for a product before starting production.
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Market segments
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How the market for a product or service is divided - for example, by age or gender.
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Targeting
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When a business aims a product or service at a particular group of consumers.
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Disposable income
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The amount of money a person has to spend after paying essential bills.
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Markat research
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The collection of data on customer habits to help decide marketing.
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Primary research
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Data colled first-hand, often in the form of surveys. Sometimes referred to as field research.
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Target market
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The group who a business aims to sell its products.
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Sampling
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The method of choosing a group of customers to repressent the views of the target market for a product or service.
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Customer service
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Ways which a business looks after the interests of its customers. (special departments)
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Franchising
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Ways an established business allows another to use its name. (subway)
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Competitor pricing
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Setting a price based on price charged by competitor business for a similar produt.
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"Cost Plus" pricing
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A pricing method that adds a percentage for profit to the total costs of product. This gives the selling price.
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Penetration pricing
(3 ideas) |
Setting a price lower than the competitors business. Often used by new business to break into a market. Short-term strategy.
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Skimming
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New advanced product is more advanced than conpetitors, a price is set high.(ipod)
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Differentail pricing
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Changing prices to customers for the same product (transport industry:trains,plane).
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Promotional pricing
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Lowering price to sell product or old stock.(sales)
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Psychological pricing
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£9.99 instead of £10 to make product seem cheaper
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Product mix
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Is the mixture of product or services a business markets. For example, Sony has tvs, dvds, camcorders, computer game consoles and hifi units.
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Branding
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Is the use of a name to market a product, e.g. cadbury's
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Product life-cycle
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Introduction,
Growth, Maturity, Saturation, Decline |
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E-commerce
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Buying using the internet
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Place
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market mix that deals with distributing the product to customer.
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Wholesaler
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A warehouse for the goods to be sent from the provider.
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Global market
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A world-wide market
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Direct sales
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larger business selling directly to the customer.
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Ethical behaviour
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When a business behaves in a fair and moral way.
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Seconary research
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Colecting data by magazines and inernet
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Surveys
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primary research done by interview and questionnaires
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consumer panels
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people payed by business to test and coment on product.
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sampling
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the way of choosing customers to represent the views of a product.
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random sampling
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customers have an equal chance of being asked; difficult to do
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trade mark
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symbol or name for a product
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added-value
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extra items added on to product to help sales (iphone)
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relaunching
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old product given a "new" image to boost sales (cola)
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methods of distribution
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method of getting product customer
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RDC (Regional Distribution Centre
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owned by retailer, who stores and supplies shops in an area
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encryption
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making internet secure for customer
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