Marketing 💛 Flashcards
Four P’s in marketing
Product
Place
Promotion
Price
Market segements (4)
Age
Income
Location
Gender
Demand changes (5)
Research and development
Introduction of product
Growth
Maturity
Decline
Extension strategies (5) improving products
Adding features
Improving packaging
Targeting markets
Changing ads
Lowering price
Boston matrix (product categories)
Question marks (new products)
Dogs (low market share and growth)
Cash cows (high market share and low growth)
Stars (high market share and growth)
Developing new products + -
+ increase overall sales
+ higher prices
+ good reputation
- costly
- ruin reputation
- can waste resources
Internal/external factors influencing pricing
Internal = aims and objectives, finance, product lifestyle
External = nature of market, competition, costs
Pricing strategies (5)
Price penetration = low price then increase
Loss leader pricing = price set below cost
Price skimming = high price for high demand
Competitive pricing = similar prices to other firms
Cost-plus pricing = work out cost and add certain amount of profit
Advertisement strategies (6)
Newspapers
Magazines
Posters
Business cards
Television
Internet
Channels of distribution (3)
Wholesalers = products reach potential customers quickly
Retailers = products can be sold in more places
Customers = cheaper
Importance of e-commerce and m-commerce (2)
Higher expectations = more convenient, customer expect access online, free delivery and returns
More competition = buy all around world, easy to compare products/prices
E-commerce and M-commerce + -
+ sales increase
+ saves business cost
+ lower selling prices
- special equipment may need to be bought
- employ specialist website designers
- customers may find inaccessible
