Marketing and E-commerce Review

Flashcards covering key concepts from marketing strategies, Boston Matrix, product types, marketing objectives, target markets, competition, positioning, digital marketing, and e-commerce.

What is one way a product may be redesigned as part of an extension strategy?

To freshen its appearance.

According to the Boston Matrix, what might be altered in the marketing mix of a 'problem child' to help it become a 'star'?

Changes to the product or promotion.

How is the physical environment typically matched to a specialist product?

It matches the quality of the product, likely indicating a premium price.

How might a business alter its marketing mix to achieve the objective of increasing market share?

By lowering prices (depending on PED) or bringing out an improved product.

What aspects of the marketing mix should reflect the income of the customer?

The price or the choice of media.

Why might a business need to respond to competitors' actions?

For example, if competitors lower their price, a business may wish to follow.

What does 'positioning' involve regarding the marketing mix?

Adapting the marketing mix to maintain the business's position and brand perception relative to competitors.

Define 'digital marketing'.

The use of any form of technology to improve communications with customers.

What is 'e-commerce'?

When buyers and sellers meet and trade in a virtual marketplace, such as on the internet.