Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
J837 - TA4
Creating a marketing mix to support a product
| Term | Definition |
|---|---|
| Marketing Mix | a set of tools used for achieving marketing goals e.g. Product, Price, Place, Promotion |
| Non-digital | traditional or offline methods, such as print media, TV, radio |
| Leaflet | printed materials used to provide information or promote something. |
| Newpaper advert | an advert in a printed publication that provides news and information |
| Magazine advert | promotional content placed in a magazine. |
| Radio advert | promotional message aired on radio stations. |
| Poster/Billboard | large printed advertisement displayed in public spaces for promotion. |
| Cinema advert | promotional video shown before or during a movie in a theater |
| Digital | promotional activities conducted online |
| Social Media | online platforms where users engage and share content with others. |
| Websites | online platforms that provide information, services, or products to users |
| online banners/pop-ups | graphical advertisements displayed on websites |
| SMS text adverts | promotional messages sent to mobile phones via text messaging. |
| podcast | audio or video episodes that can be streamed or downloaded |
| vlogs/blogs | video blogs or written articles that individuals create and share online |
| Sales Promotions | Offers that a business promotes to encourage more sales for their business |
| Discounts | Reducing the price of a product for example by 10% |
| Competitions | Seeking new customers by holding competitions with prizes |
| Buy one get one free (BOGOF) | A method of selling large amounts of stock quickly usually to get rid of old stock |
| Point of Sale Advertising | Advertising that is displayed at the checkout |
| Free gifts | Using a free prize to provide an incentive for customers to sign up or purchase products |
| Product Trials | Giving free or reduced price trials to try and get new customers |
| Loyalty Schemes | A scheme to try and retain existing customers e.g. Tesco clubcard |
| Sponsorship | marketing efforts that involve sponsoring events, organizations, or individuals to gain visibility |
| Product Placement | Where products or brands are integrated into movies, TV shows etc to increase brand awareness |
| Celebrity endorsement | Where a famous person promotes a product or service to leverage their influence and credibility |
| Press/media releases | official statements provided to the media to announce news, products etc |
| Physical sales | process of selling products or services through traditional stores or in-person interactions |
| Digital sales | process of selling products or services online through e-commerce platforms, websites |
| The product life cycle | shows how a products goes from development and launch until it is removed from sale |
| Development | Creating and testing the product before sale |
| Introduction | Launching the product into the market |
| Growth | when sales are increasing at their fastest rate |
| Maturity | sales are near their highest, but the rate of growth is slowing down |
| Decline | final stage of the cycle, when sales begin to fall |
| Extension Strategies | A way to extend the lifecycle of a product by making small changes |
| Advertising | Making people aware of a product |
| Change of price | Changing a product's price to extend its life |
| Adding value | A strategy to add new features to a product to extend its life |
| Exploration of new markets | A strategy where you try to enter a new market with the same or similar products |
| New packaging | A cheap strategy to try and extend the lifecycle by changing the packaging of the product |
| Production Costs | Costs for making a product |
| Target market | Who you are aiming your products/services at |
| Pricing Strategies | Methods that a business uses to attract customers to buy a product |
| Competitive pricing | Setting a price that is similar to that of a competitor |
| Price skimming | Introduce the product at a high price when there is little/no competition |
| Psychological pricing | Setting a price that appears to be attractive to customers e.g. £999 instead of £1000 |
| Price penetration | Introducing the product at a lower price to attract customers than increasing it gradually over time |
Created by:
weirdog
Popular Business sets