The Marketing Mix
Everything covered in the Marketing Mix topic
- Created by: PixiePopcorn
- Created on: 25-03-14 19:20
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- The Marketing Mix
- Price
- How much the customer is prepared to pay
- Pricing Strategies
- Existing Products
- Price leaders
- Price takers
- Pricing Tactics
- Loss leaders
- Psychological pricing
- Existing Products
- Influences on pricing decisions
- Costs
- Competitors
- Objectives of the market
- Target Market
- Sensitivity of demand to price changes
- Price elasticity
- PED=%change in demand/% change in price
- Elastic greater than 1
- Inelastic less than 1
- Influences of PED
- How essential the product is
- Price
- Time
- product/brand
- Place
- Where the customers made the purchase
- Distribution channels
- Method by which a product is sold to the customer
- Direct: Supplier - Customer
- Traditional: Producer - wholesaler/retailer/agent - consumer
- Influence
- Cost
- Competitors
- Target Market
- Market Coverage
- Control
- Marketing mix
- Volume of sales
- Packaging
- Product
- Features and functions of the product or service being offered.
- Product line
- Product development process-
- Creativity- coming up with the new idea
- Developing the concept
- Testing and finalising the concept
- Full product launch
- Managing the product life cycle
- USP- Unique Selling Point
- Factors influencing product development
- Advances in Technology
- Competitor actions
- Skills of managers and owners
- Boston Matrix
- Rising Star
- High share of growing market
- Problem Child
- Small share of growing market
- High maintenace- high failure rate
- The cash cow
- High share in low growth market
- The dog
- Low share of decling market
- Rising Star
- Product life cycle
- Introduction
- Growth
- Maturity
- Decline
- Extension strategies
- People
- Promotion
- Concerns communitcation with the consumers
- Purposes of promotion
- Make customers aware
- remind consumers of the product
- Establish an identity for a business
- Your product is better than competitors
- Sales Promotion
- Advertising
- Merchandising
- Public Relations
- Direct Selling
- Branding
- Promotional mix
- Costs
- Competitors
- Target market
- The product
- The market
- Influences on the marketing mix
- Finance
- How much money can be spent on marketing
- Needs of the market
- Identified the needs of customers
- Competitor actions
- Technology
- Finance
- Price
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