Marketing Flashcards
What are the 4 Ps
Price product promotion place
Product
Must be a product people will buy and can be produced at a profitable cost. Must fulfil customers needs or wants or it won’t sell
Price
Must be priced at a price that customers will think is good value for money
Promotion
Product must be promoted or no one will hear about it so they won’t buy it not matter how good and cheap it is
Place
Must be sold in a convenient location for the customer so they know where it is and how easy it is to get there
What is a marketing stratégie
A strategy is executed by a business to maximise their sales whilst making the most of their resources
Why is market research so important
Tells the business what customers want. If they didn’t carry it out, they may spend time and money developing a product no one wants
What are pros and cons of primary research
More accurate and up to date
More relèvent to business, ask what they want
Large samples are more accurate but more expensive
Take lots of time and money
Benefits and cons of secondary research
Lots of data for an overview of the whole market
Look at past trends to predict futé
Cheaper than field research and easy to get
Not always relèvent to your needs
Often out of date
What is law of demand
As price increases, demand will fall as it’s too expensive for most people to buy so they wont want it
Law of supply
As price increases, supply will increase. When price is low, producers won’t be able to make it at profitable price so supply will be low
Ways of advertising
Radio Newspapers Magazines Posters and billboards Leaflets, business cards, junk mail
