Marketing

1. Place is the point where products are made available to customers, this involves choosing the best channel of distribution - potential methods include Retailers, Wholesalers, selling e-commerce and telesales/mail order (an example of direct selling) (5)
4. They encourage customers to buy now rather than later. For example, 2-for-1 offers, free gifts, samples, coupons or competitions (5, 9)
5. Using fac-to-face communication, e.g. employing a sales person or agent to make direct contact with customer (8, 7)
8. Penetration pricing is when the price is set lower than the competitors's prices in order to be able to enter a new market (11, 7)
9. This is when a product is sold at a relatively low price for a short period of time to get customers interested in the product (11, 7)

1. Promotion refers to the methods used by a business tomake customers aware of the product, businesses use an overall promotional combination of the following strategies can be used: Personal selling, Advertising, Sales Promotion and Direct Marketings (9)
2. Price affects customers as may increase or decrease demand, competition as the price charged by rivals is taken into account and costs as you can ensure profit by using cost plus pricing for example adding a 50% mark up - bought for £2, sold for £3 (5)
6. This takes place when firms make diect contact with individual customers using tactics such as 'junk' mail and weekly 'special offer' emails (6, 6)
7. Product differentiation can be created by making the USP clear, establishing a strong brand image and offering a better location, appearance, functions, design, features and selling price than rival products (7)
10. Where a business pays for messages about itself in mass media such as T.V. or newspapers. Advertising is non-personal and is also called above-the-line promotion. (11)

Get Revising