Marketing Mix (Price and Promotion)

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  • Created by: B Deery
  • Created on: 29-04-16 12:36
Marketing is the process that....
Identifies, anticipates and satisfies customers
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Marketing mix describes the key activities which are used in marketing a firm's product. They are known as the 4 p's. List these.
Product, price, place and promotin
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This pricing strategy involves working the the total cost to make it and adding on a percentage profit.
Cost-based pricing
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This pricing strategy involves charging the same price or slightly lower than your competition.
Competitor-based pricing
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This pricing strategy involves setting a low price to enter the market and as demand rises the price will increase.
Penetration pricing
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This pricing strategy involves a ruthless strategy which is designed to destroy competitors' sales or even drive them out of the market.
Destruction pricing
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This pricing strategy sets a relatively high price initially and as competition increase the price drops.
Skimming
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This pricing strategy involves reducing the price of some goods to a very low level to secure sales.
Price wars
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List four factors which affect price
Cost of production, need to make profit, competition, price market can bear, season of year and quantity of stock in hand
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List the four main methods of promotion
Advertising, sales promotion, sponsorship and public relations
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The three types of advertising are:
Informative, persuasive and generic
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List six methods of advertising.
Hoarding and posters, tv, radio, cinema, internet, newspapers, magazines, exhibitions, mail shots and window displays
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List six sales promotions
Special offers, discounts, loss-leaders, money-off coupons, loyalty cards, point-of-sale displays, price guarantees
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List three types of events businesses might sponsor.
Sporting, charity and school
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Identify two legal constraints on promotion
Good or services must be accurately described. All prices must display VAT. Prices charged for goods and services must be genuine. The country of origin must be displayed. Dangerous products must be displayed on packaging and first aid instructions.
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Card 2

Front

Marketing mix describes the key activities which are used in marketing a firm's product. They are known as the 4 p's. List these.

Back

Product, price, place and promotin

Card 3

Front

This pricing strategy involves working the the total cost to make it and adding on a percentage profit.

Back

Preview of the front of card 3

Card 4

Front

This pricing strategy involves charging the same price or slightly lower than your competition.

Back

Preview of the front of card 4

Card 5

Front

This pricing strategy involves setting a low price to enter the market and as demand rises the price will increase.

Back

Preview of the front of card 5
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