Marketing Mix MindMap

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  • Created by: 98nfo
  • Created on: 17-03-15 10:11
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  • Marketing Mix
    • Product: The company must come up with a product that people will want to buy. It must fulfill some of the customers needs or wants if it going to sell.
    • Price: The price must be one that the customers think is good value for money.
      • There are four different types of pricing strategies: Penetration Pricing When a company charges a very low price when the product is new to get people interested in it,
        • Penetration Pricing When a company charges a very low price when the product is new to get people interested in it,
        • Loss leader pricing is when the price is set below the the cost of the product (the firm will increase the price of the product over time).
        • Price Skimming is the opposite of penetration pricing. when the firm charges a high price to begin with, e.g Apple this is to increase sales.
        • Competitive Pricing This is when a firm charges a similar prices to other firms.
    • Promotion: Ther product must be promoted so that potentail customers are aware that it exist.
    • Place: It must be sold on a place that the customers will find covenient.
      • Where to sell: Directly to the customers or directly to the retailer or to a wholesaler
    • For elements to marketing; Product, Price Promotion and Place. This is also know as the four Ps.

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