Marketing Mix Flashcards
Marketing mix
The elements of a business’s marketing that are designed to meet the needs of its customers.
The four elements are often called the 4P’s – Product, Price, Promotion and Place
Product Life Cycle
Product Life Cycle shows the stages through which a product passes through over time and the level of sales at each stage.
Extension Strategies
Ways in which a business prevents product sales from declining. Some ways are lowering the price and changing the packaging
Diversification
When a business sells more than one type of product.
Advantages is higher revenue and spreads the risk as if one product is unsuccessful the others may be profitable
Product differentiation
used by businesses to make their products different from other products they sell and different from those offered by competitors. (By altering the design, features, or some other aspect of their product).
