Marketing mix Flashcards
1
Q
Does price need to be competitive ( value for money)
A
Yes
2
Q
Influences on price
A
Competitors
Brand image
Availability
Cost of production
3
Q
Four ps
A
Place
Price
Promotion
Product
4
Q
Increasing selling price positives…
A
Lower break even
5
Q
Increase the selling price disadvantages
A
Big drop in demand
Customer look for budget alternatives
6
Q
Decreasing the selling price disadvantages…
A
Raise the break even point
Reduction in revenue= more difficult to survive
Lower prices indicate lower quality and deter customers
Loss of brand credibility
7
Q
Benefits of promotion
A
Attract customers with discount
Increase brand awareness
8
Q
A
9
Q
Disadvantages of promotion
A
They are short duration
Very competitive market
Add to companies fixed costs
10
Q
A
