Marketing Mix Flashcards
What are the two types of market research and explain what they do
Field Research-Gathering new and original information by carrying out surveys, interviews and observations.
Desk Research-Looking at information that already exists or has been collected and they can be found in newspapers, books, and on the internet
What 4 things do the marketing mix consist of
Product-The good or service that is sold by the business to the customer
Place- The location in
which the product is
sold by the business to
the customer.
Price-The amount the
business charges the
customer for the product.
Promotion-The methods used by the business to persuade consumers to buy the product.
What is branding and what is the aim of branding
A Brand is a unique name, character or logo given to
a product that makes it different to other products and its aim is to distinguish the product from its competitors and to make it instantly recognisable to the consumer.
What are the 4 stages of the product life cycle
Introduction-A new product has been introduced and loads of promotion and advertising is done to increase customer awareness
Growth-Sales are increasing quickly as more people become aware of the product
Maturity-Sales reach their peak and are at their highest point and slowly start coming as new competitors enter the market
Decline-Sales decrease really quickly and people move on to the competition and newer products
What are 4 factors to consider when setting the price of the product
Profit to be made
Cost of production
Price of competitors
Demand
