Marketing 0.0 / 5 ? Business StudiesMarketing mixA2/A-levelAQA Created by: AlexiasullivanCreated on: 07-05-17 19:04 When a low price is offered for a new product Penetration Pricing 1 of 14 The business sets flexible prices depending on the current demands Dynamic Pricing 2 of 14 The product is intially priced high and then reduced later on in its product life Price Skimming 3 of 14 Element of the marketing mix which refers to how the product is promoted Promotion 4 of 14 How the product gets to the customers. Where is it distributed? Place 5 of 14 The stages of the product life cycle are; introduction, growth, ________ and decline Maturity 6 of 14 The process of dividing a market into different sections which are based upon different customers needs and wants Market Segmentation 7 of 14 A type of segmentation which depends on the characteristics of people in the target group Demographic segmentation 8 of 14 If demand is price elastic then a price increase will lead to a ____ in demand and revenue fall 9 of 14 Price Elasticity: If the value is less than 1 it is described as Price Inelastic 10 of 14 Price Elasticity: If the value is greater than 1 it is described as Price elastic 11 of 14 This type of marketing focuses on a specific segment of the market Niche Marketing 12 of 14 This type of marketing aims at the market as a whole Mass Marketing 13 of 14 Key factor in any product design which will determine demand and contribution of a product Price 14 of 14
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