Marketing Mix and strategy

Boston Matrix

A 2x2 matrix model that analyses a product portfolio according to growth rate of the market and the relative market share of products within the market

Extension strategies

Methods used to prolong the life of a product

Marketing Mix

the mix of marketing elements used by a company, which are usually known as the 4Ps: product, price, place, and promotion

Marketing Objectives

goals that a business attempts to achieve through its marketing activities

Marketing Strategy

A set of plans that aim to achieve a specific marketing objective

Product Line

a group of products that are very similar

Product portfolio

The collection of products a business is currently marketing

Unique selling point

the aspect or feature of the product that differentiates it from those of rivals

Design mix

The range of features that are important when designing a product

Ethical Sourcing

Using materials, components and services from suppliers that respect the environment, treat their workforce well and generally trade with integrity

Product Design

The process of creating a new product or service

Above-the-line Promotion

Placing adverts using the media

Advertising

Communication between a business and its customers where images are placed in the media to encourage the purchase of products

below-the-line advertising

any promotion that does not invlove using the media.

Emotional branding

The practise of using the emotions of a consumer to build a brand

Generic brands

Products that only contain the name of the product category rather than the company or product name

Manufacturer brand

Brands created by the producers of goods or services

Own-label, distributer or private brand

Products that are manufactured for wholesalers or retailers by other businesses

Promotion

An attempt to obtain and retain customers by drawing their attention to a firm or its products

Public Relations

An organisation's attempt to communicate with interested parties

sales promotion

Methods of promoting products in the short term to boost sales

sponsorship

Making a financial contribution to an event in return for publicity.

viral marketing

Any strategy that encourages people to pass on messages to others about a product or business electronically

Competitive pricing

Pricing strategies based on the prices charged by rivals

cost-plus pricing

Adding a percentage (the mark up) to the costs of producing a product to get the price

mark up

the percentage added to unit cost that makes a profit for a business when setting the price

penetration pricing

Setting a low price when launching a new product in order to get established in the market

predetory pricing

setting a low price forcing rivals out of business

Pricing Strategy

The pricing policies or methods used by a business when deciding what to charge for its products

Psychology pricing

setting the price slightly below a round figure

Skimming

Setting a high price initially and then lowering it later

unit costs

The same as average cost (total cost divided by output)

agent or broker

An intermediary that brings together buyers and sellers

breaking-bulk

dividing a large quantity of goods received from a supplier before selling them on in smaller quantities to customers

direct selling

Producers selling their products directly to consumers

Distribution

The delivery of goods from the producer to the consumer

distribution channel

The route taken by a product from the producer to the consumer

Intermediaries

Links between the producer and the consumer

Retailer

A business that buys goods from manufacturers and wholesalers, and sells them in small quantities to consumers

Wholesaler

A business that buys goods from manufacturers and sells them in smaller quantities to retailers