Marketing Mix and Strategy
Product Portfolio Analysis
market share and market growth
Cash Cow, Rising Star,
Question Mark, Dog
Marketing Strategy
Niche Business
Heavily Advertise USP
Customer Care- often experts
on product category
Advertise for specific people
Design
balance between consumer
desire and affordability
Design Mix
Aesthetics, Function and Economic Manufacture
Waste minimisation, recycling and ethical sourcing
Branding
giving a product/service distinctiveness/identity
individual brands (Marmite), brand family (Cadbury), corporate brands (virgin)
Promotion
informs customers about a product
and persuades them to but it
Pricing Strategies
plan for setting product's price,
medium-to-long term
Pricing Tactics
short term pricing deal and offers
aiming to increase sales
Extension Strategy
prevent medium-to-long term decline in sales
improvements, tweaks, promotional activity
Product Life Cycle
Development, Introduction, Growth, Maturity, Decline
Online Retail
electronic commerce. goods bought over internet
Direct online
producer sells directly to consumer
through mail order or website
Psychological
little less than a round number, e.g. £19.99
Predatory
pricing good at low level other firms can't
compete
forced to leave market
Cost-Plus Pricing
markup cost to products unit cost
Price Penetration
aim to compete on pirce
Price Skimming
price set at high level to maximise
early market share and products USP