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Description
Flashcards by giulia ralfa, updated more than 1 year ago
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Created by giulia ralfa
almost 7 years ago
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| Question | Answer |
| What is the marketing mix? | The marketing mix is often referred to as the 4Ps - product, price, promotions and place |
| What is product? | It is the product or service being sold by the business. |
| The product life cycle |
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| What happens in the first stage (Introduction) of the product life cycle? | The product is introduced or launched onto the market |
| What happens in the second stage (Growth) of the product life cycle? | Once customers know about the product, sales begin to grow |
| What happens in the third stage (Maturity) of the product life cycle? | At this stage everyone who wants the product has already purchased it, and sales level out |
| What happens in the last stage (Decline) of the product life cycle? | Sales of the product start to fall as there are no new customers |
| What factors should be considered when setting prices for a product? | -What did it cost to make? -What price are competitors charging? -Is the product sensitive to very small changes in price? |
| Ways of promoting a product | -BOGOF (Buy one get one free) -Discounts -Free sampling -Vouchers |
| What is meant by the Place of a product? | It refers to how the product gets to the customer and where it is sold |
| Where can the products be sold? | -Shops -E-commerce websites -Markets -Newspapers -catalogues |
| How does competition influence business location? | Locating away from the competitors can mean that more customers will be attracted to your products |
| How does availability of resources/premises influence business location? | Businesses will want to locate beside resources, such as a pool of labour, good transport links, suitable premises, near to customers |
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