Marketing Mix

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  • Created by: B Deery
  • Created on: 29-04-16 10:01
What is marketing?
The process that identifies, anticipates and satisfies customer' requirements profitably
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What are the four key activities involved in marketing a firm's product (4P's)?
Product, Price, Place and Promotion
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List four things which influence the pricing of a product.
Competition, cost of production, price people prepared to pay and type of product.
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This pricing policy accepts the price which competitors are charging.
Competitor-based pricing
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This pricing strategy sets a relatively high price initially and as more competition arrives they lower the price.
Skimming
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This pricing policy cuts prices to a very low level in order to secure sales by encouraging shoppers to come to them.
Price war
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This pricing policy is ruthless and is designed to destroy competitors' sales and business.
Destruction pricing
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This pricing policy covers the cost of production and adds on a percentage profit.
Cost-based pricing
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This pricing policy sets a low price to enter the market and as demand increases the price will go up.
Penetration pricing
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List six factors which affect price.
Cost of production, need to make a profit, competition in the market, price the market can bear, season of the year and quantity of stock
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List the four types of promotion.
Advertising, Sales Promotions, Sponsorship and Public Relations
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The three types of advertising are:
Informative, persuasive and generic
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List four methods of advertising.
Hoarding and posters, tv, radio, cinema, internet, newspapers, magazines/journals, exhibitions, demonstrations,
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List six types of sales promotions
Loss leaders, point of sales display, discounts,
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List some events buisnesses sponsor.
Sporting events, charity events and school events
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Other cards in this set

Card 2

Front

What are the four key activities involved in marketing a firm's product (4P's)?

Back

Product, Price, Place and Promotion

Card 3

Front

List four things which influence the pricing of a product.

Back

Preview of the front of card 3

Card 4

Front

This pricing policy accepts the price which competitors are charging.

Back

Preview of the front of card 4

Card 5

Front

This pricing strategy sets a relatively high price initially and as more competition arrives they lower the price.

Back

Preview of the front of card 5
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