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Business Studies Angela Emma Rudd BMA

Marketing Mix ­ The Price

The price of a product or service is important in whether people buy it or not. When
considering the price it is important to place it in the context of the other elements of the mix
and the buyer's…

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Business Studies Angela Emma Rudd BMA

enter with a cheaper version. This strategy is often used with new technology i.e.
computers etc.
Competitive pricing ­ Some firms set their price at the same levels as their
competitors. Competitive pricing is common when consumers can make a direct
comparison between different…

Page 3

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Business Studies Angela Emma Rudd BMA

design/layout of the house, the area its in local schools etc, people may be willing to pay more
if the other factors are positive. On the other hand there may be no obvious difference in
brands when buying light bulbs so therefore the price…

Page 4

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Business Studies Angela Emma Rudd BMA

possible. These types of goods are called convenience items because consumers are not
willing to travel far to buy them.

With products such as personal computers, vacuum cleaners, microwaves and so on
consumers usually want to compare the features and prices of different brands.…

Page 5

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Business Studies Angela Emma Rudd BMA

Method of Promotion Definition Advantages Disadvantages

Advertising Advertising involves paying Wide coverage Can be expensive,
for communications. Adverts Control of the e.g. TV advertising
can be placed in a range of message
media, such as television, Can be used to
newspapers, radio and the…

Page 6

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Business Studies Angela Emma Rudd BMA

Personal Selling Personal selling is based on Twoway Can be expensive
facetoface contact with communication Can only reach a
customers. This may be used can answer limited of
by manufacturers to get customer enquiries. customers
distributors to take their obviously quite
products or in…


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