business theme 2

Question 1

the different parts of the marketig mix?

Answer 1

marketing - product ( a good or a service), price, promotion and place

Question 2

differentiation can attract customers?

Answer 2

making your products or services distinctive in the market

Question 3

one way to differentiation a product?

Answer 3

is to give it a unique selling point

Question 4

there are several types of extension strategy?

Answer 4

adding more or different features, using new packaging, target new markets, lower price and special offers

Question 5

businesses need to think about demand when setting prices?

Answer 5

products has to be more than the business costs

Question 6

internal and external factors influence pricing decisions?

Answer 6

internal - job productions, technology used by the business and long term machinery may help to reduce costs
external- competition if the product is sold in a competitive market, market segmentation and cost of raw materials raw meterials will lead to high unit costs and so high prices

Question 7

good branding?

Answer 7

a firms brand image will impress customers

Question 8

sales promotion is a short-term method used to bosst sales?

Answer 8

special offers- business may offer discount on products or two products for the price of one
product trials- cafes may offer free sample to get customer interested

Question 9

just in time keep stock levels as low as possible

Answer 9

aim to keep stock levels to the bare minimum

Question 10

firms face barriers to international trade

Answer 10

governments have set up tariffs and trade blocs as a way of trying to control international trade