Please enable JavaScript.

Coggle requires JavaScript to display documents.

marketing: 3.1, 3.2, 3.3 and 3.4 (3.1 marking competition and the customer…

- - - - unique selling point (USP)
        
        a feature of a product or service that allows it to be differentiated from other products.
      - first mover advantage
        
        having a product no other business has
      - adding value
        
        adding something to an existing product/s to increase its value
  - - - demographical segmentation
        
        based on a persons information (age, family, income ect)
      - socio-demodraphic segmentation
        
        social class
      - geographical segmentation
        
        based on where people live
- - - - market research can be used to find out:
        
        market size and trends
        
        the number of customers in the market and if the number is increasing or decreasing
        
        the potential size the market could reach in the future
        
        the firms own sales, market share and the potential for growth
        
        market segements
        
        the needs, habits and lifestyle of different groups of customers
        
        who the current and potential customers are
        
        competition
        
        the market share of the competitors
        
        the strengths and weaknesses of the competiton
        
        who are the main or top competitors
        
        customer prefrences
        
        the expectations customers have for the products
        
        the prices customers will pay
        
        promotions that would be effective
        
        which places customers would most likely buy the product
    - - gathering data from customers/ potential customers in ways like letting them try prototypes or do an observation
    - - data that has been collected from outside or inside the business is analysed and can be used
- - - - the strategy you use for pricing a product
    - - how you get the message to the customers about your product and make it so they want to buy it
    - - the quality and packaging of the product
    - - how the product/s gets to the customers
  - - - 2) sales start to grow and competitors join the market
        
        3) sales slow down and no new customers enter the market
        
        4) sales fall as new products enter the market