2.2

Created by

sophie

Cards (60)

What is the market mix discussed in the video?
Product, Price, Promotion, Place
How does the design mix influence product design?
It sets priorities for product characteristics
What are the three priorities in the design mix?
Aesthetics, Function, Economic Manufacturer
What does aesthetics refer to in product design?
How the product appeals to the senses
What does function refer to in product design?
How well the product performs its task
What does economic manufacturer cost refer to?
The cost to produce the product
Which product would prioritize aesthetics in its design?
A Ferrari sports car
Which product would prioritize economic manufacturer cost?
Aldi's own brand cereal
What is the product life cycle?
Stages a product goes through over time
What are the four stages of the product life cycle?
Introduction, Growth, Maturity, Decline
What happens during the introduction stage of the product life cycle?
The product is launched and marketed heavily
What occurs during the growth stage of the product life cycle?
Sales continue to rise and brand reputation builds
What is the maturity stage in the product life cycle?
The product reaches peak sales and market presence
What is the decline stage in the product life cycle?
The product experiences a decrease in sales
What is an extension strategy?
Actions to prolong a product's sales life
How did Apple use an extension strategy for the iPad?
By introducing the iPad Mini and iPad Pro
Why do technology products often have short life cycles?
Due to rapid innovation and competition
What is a differentiating feature in product marketing?
A characteristic that makes a product stand out
Why might a business choose not to differentiate its product?
To focus on being a low-cost provider
What are the two pricing strategies mentioned?
High price and low price
What must a high price indicate about a product?
It must be of sufficient quality
How does price relate to product quality?
Price must match the product's quality level
What is the relationship between high price and sales volume?
Higher prices usually lead to lower sales volume
What factors can affect the price set for a product?
Brand, technology, and competition
How does branding influence pricing?
A strong brand can justify higher prices
How can technology impact pricing strategies?
It can lower production costs or create differentiation
How does competition affect pricing decisions?
More competition usually leads to lower prices
What is the purpose of advertising in promotion?
To reach and engage the target audience
What are some methods of advertising mentioned?
TV, radio, print, online
How should advertising be tailored?
It should link to the target audience
Where would you advertise to reach young women?
During a show like Love Island
Where would you advertise to reach an older audience?
On Classic FM radio
Where would you place an ad for children's toys?
In children's magazines
What are the key components of the market mix?
Product
Price
Promotion
Place
What are the stages of the product life cycle?
Introduction
Growth
Maturity
Decline
What are the priorities in the design mix?
Aesthetics
Function
Economic Manufacturer
What is the relationship between price and product quality?
High price indicates high quality
Low price indicates lower quality
What are the methods of promotion discussed?
Advertising (TV, radio, print, online)
Targeting specific audiences
Why is it important to link advertising to the target audience?
To ensure the advertisement reaches the right viewers
Where would you likely advertise to target young women?
During a show like Love Island