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Marketing (Marketing Mix (Product elements (Branding: creating an identity…
Marketing
Marketing Mix
Product elements
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Branding: creating an identity for a product, distinguishes it from competitors. logo, name, packaging
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Product Positioning: image, compared to competitors,
Price
Strategies
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Price Discrimination: diff segments of market charged different prices for same product. e.g. cinema
Price Skimming: high. used at launch stage of new product, i Phone
Premium Pricing: high, image, quality e.g. designer brands, Chanel
Penetration Pricing: low, launch of a new product e.g. magazines
Predatory Pricing: low, existing businesses, flights
Factors affecting Price: Target Market, Cost, Competitors Prices, Stages of PLC, Demand
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Promotion
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Media
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Internet, Social Network sites
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examples: buy 1 get 1 free, discounts
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Market Research define: gathering, analysing, recording information about your product or market.
Desk Research (Secondary) e.g. Reports, websites, newspapers, magazines
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Field Research (primary) e.g. survey, focus groups, observation
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Definition: identifying customers needs & designing, packaging, pricing, promoting & distributing a product.