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marketing mix eoin-b

QuestionAnswer
Marketing Mix The four tools a business can use to persuade customers to buy its product or service: Product, Price, Promotion, Place
Branding creating an identity for a product that makes it easily identifiable and clearly distinguishes it from competitors
Own Brands names which are registered by retailers rather than manufacturers
Packaging involves designing and making the container or wrapper for the product.
Patent provides legal protection of an invention or a design of a product to the inventor or designer.
Trademarks are logos that are registered by businesses to distinguish them and their products from competitors.
Fixed Costs are the costs that remain the same, regardless of the number of products produced, e.g. rent, insurance.
Margin of Safety the amount by which a firm’s sales can drop before reaching the break-even point
Promotion refers to all the efforts (excluding price) made by the seller to communicate and influence the target market to buy a product.
Advertising consists of messages designed to inform, persuade or remind people to buy a product or service.
Reminder Advertising keeps the product in the consumer’s mind
Persuasive Advertising convinces the consumer the product will make him/her happier.
Generic Adveritising advertises the product for an industry not just one company,
Advertising Standards Authority a voluntary organisation set up by people who work in the advertising industry. It does not have the legal powers to stop ads but if an ad is found to be offensive they ask a company to withdraw it.
National Consumer Agency a State agency which can ban advertisements that break the Consumer Protection Act 2007 by misleading a consumer
Sales Promotion Incentives that a business offers customers to encourage them to buy more of its product and to buy it sooner than they normally would.
Merchandising refers to point-of-sale promotional displays designed to attract attention to a product and increase sales. It relies on impulse buying.
Public Relations communicating with the media using news stories to create good publicity for a firm or its products or to respond to negative publicity.
Sponsorship the firm donates money to an event or team in return for exposure of their name and logo
Personal Selling a salesperson meets with the customer face to face to give them information about a product and to persuade them to buy it
Telemarketing means communicating with customers by telephone to generate sales and deal with customer queries and complaints.
Direct Mail involves sending promotional messages directly to target customers,
Place focuses on where customers will be able to access the goods or services.
Created by: eoinbond
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