Marketing Mix Flashcards
What are the 4 p’s ?
Product
Price
Promotion
Place
What’s different about a businesses decisions on the 4 p’s ?
A business will not have equal investment on each p’s due to priorities for the business
What do the marketing mix influence ?
The amount of sales a company gets due to the way they market around each environment
What are the affects of the quality of a product ?
More expensive raw materials due to need for higher market segmentation
Cheaper raw materials due to a lower market
What are the 4 stages of the product life cycle ?
Introduction
Growth
Maturity
Decline
What’s the advantages of the product lifecycle to a businesses products in decline ?
Can analyse when a extension stategy may be needed for a product
What are examples of an extension strategy ?
Product differentiation (unique selling point)
Change branding
What’s a disadvantage of a product life cycle ?
The time a product stays in in stage can never be predicted
