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Business - Unit 3 (The Marketing Mix (7P's) (Product (USP
Product…
Business - Unit 3
The Marketing Mix (7P's)
Product
- USP
- Product Mix
- Boston Matrix
- Life Cycle - Extension Strategy
Price
- Skimming
- Penetration
- Leadership
- Taking
- Loss Leaders
Promotion
- Advertising
- Branding
- Packaging
- Sales Promo
- Merchandising
- Personal Selling
- PR
Place
- Distribution Channels
- Traditional
- Modern
- Direct
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Market Research
Business needs to understand its market to decide realistic marketing objectives and how best to achieve them
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Types of market research:
Examples of market research:
- interviews
- survey
- data online
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Elasticity of Demand
Elastic demand, Price up =
Revenue down
Elastic demand, Price down =
Revenue up
Inelastic demand, Price up =
Revenue up
Inelastic demand, Price down =
Revenue down
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Market segmentation
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3 methods of market segmentation
Niche market - business targets a smaller segment of a large market. Customers have specific needs & wants.
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