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Factors that will affect choosing the price
Cost of production, need for profit, competitors, what the market can bear, what customers are willing to pay, season, quantity of stock
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Marketing mix - place
Where you can sell the goods such as over the internet, in shops or markets, various ways to transport goods to customers
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Benefits of market segmentation
To increase market share (identify markets that have not been reached + adapt its products, assist new product development (gaps in market indicates new products), extend products into new markets, identify ways to market a product
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Marketing constraints
Laws (specific laws prevent from fales advertising), consumers (refuse to purchase it, negative reviews, complaints), Cosde of practice, ASA, traiding standards, consumer legistlation
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Stage 1 of the product life cycle
Research and development - The product is not on the market yet, market research is carried out on the product and the product is tested. This stage can be lengthy for expensive products
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Stage 2 of the product lifecycle
Introduction - Emphasis is placed on marketing and promotion in order to make the public aware of the product + create a desire to buy it, sales are limited at this point
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Stage 3 of the product life cycle
Growth - sales grow rapidly as most people know of the product, many would have tried it and it would be achieving a degree of customer loyalty
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Stage 4 of the product lifecycle
Maturity - sales levels are maintained + the product has an established place in the market, however the competition becomes very intense + is difficult to increase sales any further
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Stage 5 of the product life cycle
Saturation - highest point in the life of the product, although competition is intense, there are unlikely to be any new competitors at this stage. Businesses will choose to stop production of the product or start extension strategies
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Stage 6 of the product lifecycle
Decline - this is the final stage in the life of a product, sales have fallen to such an extent that they are not covering the manufacturing costsand the product is unprofitable
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Product and price extension strategies
Product - develop the product, alter the product, add variations of the products. Price - reduce the price of the product or add offers
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Place and promotion extension strategies
Place - export the product, increase sales using the internet. Promotion - re launch brand to a different segment, increase sales promotion, atler the packaging
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Card 2

Front

Marketing mix - place

Back

Where you can sell the goods such as over the internet, in shops or markets, various ways to transport goods to customers

Card 3

Front

Benefits of market segmentation

Back

Preview of the front of card 3

Card 4

Front

Marketing constraints

Back

Preview of the front of card 4

Card 5

Front

Stage 1 of the product life cycle

Back

Preview of the front of card 5
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