Unit 2 - Marketing (1)

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  • Created on: 29-04-15 17:56
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  • Unit 2: Marketing
    • The Product Life Cycle
      • Development: Research and market research used to develop an idea
      • Introduction: The product is launched and put on sale. Lots of advertising and sales promotion.
      • Growth: Sales and profits increase, until the product becomes established.
      • Maturity: Sales at peak. Promotion less important. Make product more widely available.
      • Decline: Sales fall as rival products take over.
    • Product Portfolios
      • Range of different products firm sells.
      • Large business have different products at different stages giving them a balance.
      • Expanding: Adding products to existing range or new products that are different from current ones.
      • Diversification designing and producing more products. Reduce risk decline in sales.
      • Extension Stratery
        • Changes to design/ offering discounts
        • If works more profit.
      • Bad publicity for one product ruin whole company image.
    • Promotion
      • Sales Promotion
        • Discounts
        • Product Trials
        • Free Gifts
        • Competition
        • Buy one get one free.
      • Direct Marketing
        • Creates junk mail and spam email.
        • Business contacts potential customer directly.
      • Sponsor organisations and events.
        • Sports
        • Television
        • Sponsorship can create high profile.
        • Could lead to bad publicity if event goes wrong.
      • Factors affecting promotion
        • Cost
        • Competitors promotions
        • Nature of product and market


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