marketing
- Created by: meg15
- Created on: 17-03-15 09:56
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- Marketing
- primary research
- Primary research gathering new data.For example, surveys or interviews with groups of people in a focus group
- secondary research
- Secondary research is gathering existing data that has already been produced. For example, researching the internet, newspapers and company reports
- target market
- A target market is a group of customers towards which a business has decided to aim its marketing efforts and ultimately its merchandise
- marketing mix
- The marketing mix is the combination of product, price, place and promotion
- all of these elements affects a business' business plan
- The marketing mix is the combination of product, price, place and promotion
- product life cycle
- The product life cycle diagram shows that four stages exist in the ‘working life’ of most products.
- the four stags are launch, growth, maturity and decline.
- sales begin to decline and the business has to decide whether to withdraw the item or use an extension strategy to bolster sales. Extension strategies include updating packaging, adding extra features or lowering price.
- the four stags are launch, growth, maturity and decline.
- The product life cycle diagram shows that four stages exist in the ‘working life’ of most products.
- Boston matrix
- pricing strategies
- Penetration pricing means setting a relatively low price to boost sales. It is often used when a new product is launched, or if the firm’s main objective is growth
- Price skimming means setting a relatively high price to boost profits. It is often used by well-known businesses launching new, high quality, premium products
- promotional pricing is pricing the product less then the normal price for a fixed period of time
- destroyer pricing is keeping the price of the product low to eliminate competitors then raising the price of it when there is no competitors.
- demand pricing is keeping the price of the product low when the demand is then when the demand of the product is high then its also keeping the price high
- place
- Place is the point where products are made available to customers. A business has to decide on the most cost-effective way to make their products easily available to customers.
- This involves selecting the best channel of distribution. Potential methods include using
- Retailers. Persuading shops to stock products means customers can buy items locally. However, using a middle man means lower profit margins for the producer
- Producers can opt to distribute using a wholesaler who buys in bulk and resells smaller quantities to retailers or consumers. This again means lower profit margins for the manufacturer
- Telesales and mail order. Direct communication allows a business to get products to customers without using a high street retailer. This is an example of direct selling.
- Internet selling or e-commerce. Online selling is an increasingly popular method of distribution and allows small firms a low cost method of marketing their products overseas. A business website can be both a method of distribution and promotion
- This involves selecting the best channel of distribution. Potential methods include using
- Place is the point where products are made available to customers. A business has to decide on the most cost-effective way to make their products easily available to customers.
- primary research
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