- Created by: ARaee
- Created on: 25-10-18 19:40
Product Lifecycle -
Purpose of Marketing - Attraction of customers and to create interest
Marketing Mix - Price , Production , Promotion , Place
- Products : The different range of goods/ services a business chooses to sell
- Price ; How much a product costs
- Promotion ; Rasing awareness of a product eg . Advertising, Sales Promotion, Direct Marketing and sponsorship.
- Place : The suitable place to sell a product.
Importance of identifying customers- Identifying who the customer is and their needs
Market Segmentation - Who the product is aimed at
MMarket Research - Ways to find out what a customer wants
Primary Research - Gathering new data
Secondary Research - Data already gathered
Quantative - Using numbers for research
Qualitative - Using views and opinion for research
Product - The object which is selling
WHAT EFFECTS PRICE ?
- Market price
How much it costs to make
Prices charged by competitors
- Pricing Techniques
-- Competitive Pricing
- Nature of the product
- Cost of production
COST LED PRICING
The business will charge prices based on the production costs
The price will be calculated and then a markup of profit margin will be added to arrive at the price charged
MARKET LED PRICING
A business will charge a price based on the market and competitors.
MARKET lLED STRATEGIES
Competitive - CHarging similar prices to your competitors
Penetration - To launch a product with a low price to get sales quickly and try to establish a product as the market leader.
- Skimming - When a high price is set for the…