1.3 : Marketing Mix & Strategy Flashcard Set

A set of 25 vocabulary flashcards covering the components of the marketing mix, product design, promotion methods, branding types, and various pricing and distribution strategies.

Marketing Mix

A framework consisting of Product, Price, Place, and Promotion used by businesses to satisfy target market needs and achieve company objectives.

Product Design Mix

The combination of three essential elements that make up a product's design: function, aesthetics, and cost.

Function

The intended purpose and specific tasks a product is designed to perform, which determines how well it meets user needs.

Aesthetics

The visual and sensory appeal of a product, including its form, shape, colour, and texture, used to attract customers and build loyalty.

Ethical Sourcing

The practice of ensuring products are produced without the exploitation of workers or environmental damage, such as producing $100\%$ slave-free cocoa.

Advertising

Promotion through paid channels like television, radio, and print media to reach large audiences and create brand image.

Sales Promotions

Techniques offering temporary incentives or discounts, such as free samples, 'buy one get one free', or loyalty cards, to boost sales.

Direct Marketing

Communicating directly with customers through emails, text messages, or social media to target specific audiences and personalise messages.

Personal Selling

One-on-one interaction between a salesperson and potential customers to build relationships and provide personalised advice.

Sponsorship

An agreement providing financial support to an event, team, or organisation in exchange for marketing exposure, such as naming rights.

Public Relations (PR)

Managing a business's reputation and building relationships with the public through media relations, crisis management, and community outreach.

Digital Communications

Marketing delivered electronically via social media, search engine optimisation, or mobile apps to provide real-time engagement.

Branding

The process of creating a unique name, design, symbol, or feature that differentiates a company or product from its competitors.

Manufacturer (Corporate) Branding

The use of a company name or logo, such as Nestl, Nike, or Apple, to promote all its products or services.

Product Branding

The use of a unique name, design, or symbol for a specific product, such as KitKat or the McDonald's Big Mac.

Own-brand Branding

Also known as private-label branding, where a retailer's name is used to promote a specific product, such as Asda chocolate.

Unique Selling Point (USP)

The features that make a product or service stand out from its competitors, helping to build a brand's reputation.

Viral Marketing

A strategy using online platforms to create content that can be easily shared and commented on at specific times to promote products.

Emotional Branding

A strategy that builds strong connections with customers by appealing to their values, beliefs, and emotions.

Cost-plus Pricing

A pricing strategy calculated using the formula: $\text{Unit cost} + (\text{Markup percentage} \times \text{Unit cost})$.

Price Skimming

Setting a high initial price for a new product to recover development costs quickly before gradually lowering the price.

Penetration Pricing

Setting a low initial price for a new product to quickly capture market share and attract price-sensitive customers.

Predatory Pricing

An illegal strategy where a business sets prices extremely low to drive competitors out of the market and reduce choice.

Psychological Pricing

Setting prices based on customer emotions and perceptions, such as charging \text{}9.99 instead of \text{}10 to suggest better value.

Dynamic Pricing

Adjusting prices in real-time based on factors like demand and competition, often used in online sales.