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Marketing (Market Changes (Economy (Cutting your spends and switching to…

- - - - Products that are based on innovation and creativity. Often convince customers that they need it
- - - - Something about the product that is much more superior than others
    - - Helps customer to easily identify the U.S.P which creates added value
  - - - Creates the willingness of the customers to purchase the product
    - - Sell the product for more than its original costs to earn profit
  - - - Be the first to enter a new market
    - - Using market orientation to anticipate future trends
- - - - Marketing on a large scale
    - - High sales volume
      - Low prices
      - Similar customer needs
      - Undifferentiated products
      - Many outlets available
      - Extensive promotion
    - - Many people aware of the product
      - Can increase revenue
      - Lower average costs for marketing
    - - Very expensive
      - Marketing may be wasted on people who won't buy product
      - Low profit margins
      - Risk of overdependance on a single product
  - - - Marketing on a small scale
    - - Less competition
      - Higher selling price
      - More loyal customers
      - More aware of what customers want
      - Could make changes quickly
    - - Premium prices
      - Small sales volume
      - Highly differentiated products
      - Production requires more skills which makes it hard to compete
    - - May not reach high levels of sale
      - Fewer opportunities to take advantage of economies of scale
      - Threat of competition
- - - - Upper managers, administrators, or professionals including doctors, lawyers and company directors
    - - Middle management, administrators, professionals including teachers and nurses
    - - Clerical workers and junior management supervisors including shop assistants and clerks
    - - Skilled manual workers including electricians, plumbers and auto mechanics
    - - Semi-skilled and unskilled manual workers including agricultural and factory workers
    - - Elderly, part-time workers and the unemployed