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Marketing process

1) Market research- identity and understance customers

2) Developing and testing product and services

3) Communicating product and services to customers 

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Market segmentation

A market segmentation is a group of people who have a simular charateristices and needs.

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Benefits of market segmentation

- Producing products for different needs

-Adapt advertise to different needs

-Helps carry out market research

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Product trail

When consumer buy a product for the first time to assess whether or not they want to buy again. If this is sucessful, it could lead to repeat purchases and customer loyality. Where customers will buy a product more than once and keep coming back. 

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Product life cycle

1) Devolopment- Company has no more money coming in and spending a lot of money on raw materials

2) Introduction(Lanch)- Sales will be low but increasing. It will be starting to make profits and spending money on advertising.

3) Growth- The product is more know in the market, the sales have increase. They are not spending as much money on advertising and profits are growing.

4) Maturity- Product is well know in market, the profit and sales aer at highest level(sacturation level), you could try and extend sales. 

5) Decline-It becoming unpopular, there are better products. You could either updae product or end production.

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What is a Brand?

A named product which customer see as being different from other product

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Brand extension

When a business uses a brand name on a new product that has some brand characteristics.

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Brand streching

Where brands is used for a diverse range of products not neccesserly connected

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Product differentiation

It is making your product or service stand out from others

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Value chain

It is all the stages a product goes through from production unlit it reaches the customers

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Marketing mix 4 P's

Sell it at the right product

at the right price

in the right place

with the right promotions 

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Cost plus pricing

Adding a perecentage to the actually cost 

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Competition pricing

Set prices simular to competitors

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Penetration pricing

Starting with low prices to attract customers

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Skimming

Selling a product at high price, becasue it unique product

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promotional

Special prices for limted time

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Invention and Innovention

Building a brand new product

Devolping a new idea

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research stage R&D

Find out want customers want from the product. Employe idea (how to improve product)

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Scientific research

Use technology to improve design of product

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Development stage and design mix

Buying in bulk and test marketing

Design mix- Aethictics/function/ Economic

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