4.5 1 - 4.5 2 - Marketing Concepts and Product Life Cycle

These flashcards cover essential marketing concepts, focusing on the marketing mix, product life cycle stages, and branding.

What are the 7 Ps of Services Marketing?

Place, People, Process, Physical evidence, Price, Promotion, Product.

Define 'Product' in marketing.

A product refers to any good or service used to satisfy the needs and wants of customers.

What characterizes the Launch Stage of the Product Life Cycle?

Products are introduced to the market with slow sales increase and extensive promotion.

What happens during the Growth Stage of the Product Life Cycle?

Rapid increase in sales, strong profits, and increased consumer awareness.

What are possible Extension Strategies for the Maturity Stage of the Product Life Cycle?

Price reductions, redesigning, repackaging, new markets, new promotional activities.

How does the BCG Matrix assist in product portfolio analysis?

It is a product portfolio planning tool that helps marketing managers classify products based on market growth and market share.

What is Brand Loyalty?

Brand Loyalty occurs when customers consistently buy the same brand due to their preference over other brands.

Define Brand Value in marketing context.

Brand Value refers to the premium that customers are willing to pay for a brand name over the value of the product itself.

What is the importance of branding for businesses?

Branding can enhance image, reduce risk, increase revenues, allow premium pricing and build customer recognition and loyalty.

What occurs during the Decline Stage of the Product Life Cycle?

Sales and profits fall, demand decreases, promotional spending falls or stops, and buyers are known as laggards.