The product or service that the company offers to the customers.
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Price
The ability to allow a business to set a pricing strategy within the market which determines the price that is going to be charged to the consumer.
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Place
Place helps to determine where the product is going to be sold and how it will be delivered in to the market.
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Promotion
Promotion involves advertising, public relations and promotional strategy to help the business to get more sales.
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Process
This is especially relevant to service industries and it helps the businesses to understand how the services consumed.
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Physical Enviroment
Is where the business tarnsactions are happening and what type of enviroment surounds the business.
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People
Its about people, such as employees, Management, Culture, customer service
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Marketing Mix
The marketing mix refers to the set of actions, or tactics, that a company uses to promote its brand or product in the market. The 4Ps make up a typical marketing mix - Price, Product, Promotion and Place.
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Product Life Cycle
This is when the product is introduced to the market and goes through Introduction, Growth, Maturity and Decline.
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Boston Matrix
A management tool that can be used to assess a company's product portfolio. It can be used to make business decisions about investement or the withdrawal of products.
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Rising Star
High Market Share and High Market Growth
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Cash Cow
High Market Share and Low Market Growth
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Dog
Low Market Share and Low Market Growth
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Problem Child
Low Market Share and High Market Growth
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Price Elasticity of Demand
PED is a measure of relationship between a change in the quantity demaned of a particular good and a change in its price.
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Price Elastic Demand
Price Elastic Demand means the perecentage change in demand is greater than the percentage.
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Price Inelastic Demand
Price Inelastic demand means the percentage change in demand is less than the percentage.
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PED formula
PED= Percentage change in demand/percentage change in price
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PED formula calculating percentage change
Percentage cahnge= difference/originalx100
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The design Mix
The design mix is made up of three factors functions, aesthetics, economic manufacture. These factors are contributed to the product or service to meet identified market needs.
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Other cards in this set
Card 2
Front
Price
Back
The ability to allow a business to set a pricing strategy within the market which determines the price that is going to be charged to the consumer.
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