Marketing 4.0 / 5 based on 2 ratings ? Business StudiesMarketing mixGCSEEdexcel Created by: joseph knappCreated on: 15-04-13 14:34 product portfolio the range of products sold in a business 1 of 19 target marketing the group of consumers aimed at by the business 2 of 19 diversity spreading risk by selling in different markets 3 of 19 product life cycle the lifespan of a product, recorded in sales from the launch to being taken of the market 4 of 19 extension strategies steps taken to extend the life cycle of a product 5 of 19 competitive pricing setting a price for a product based on prices charged by competitors 6 of 19 price skimming setting a price at a high level to create a high quality and exclusive image 7 of 19 penetration pricing setting a price at a low level to gain a greater market share 8 of 19 cost-plus pricing setting a price by adding a profit mark up to the total cost of producing a product 9 of 19 loss-leader pricing setting a price below cost hoping to gain other profitable sales 10 of 19 promotion all the ways a business communicates to consumers with the aims of selling products 11 of 19 advertising communication to customers using media to encourage them to buy 12 of 19 sales promotion activities to attract consumer attention to a product to increase sales 13 of 19 direct marketing using direct means to contact consumers to increase sales 14 of 19 promotional mix the combination of promotion methods used by business 15 of 19 sponsorship a business pays for an activity or an event to gain publicity 16 of 19 wholesaler middlemen or distributor thtat buys bulk, hols stock and sells mainly to retailers not customers 17 of 19 telesales selling to the customers through telephone contact alone 18 of 19 mail-order direct marketing through mail shots leading to goods being delivered directly to the customer 19 of 19
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