Please enable JavaScript.

Coggle requires JavaScript to display documents.

Business Studies - Marketing (Marketing Mix (Promotion (Advertising…

- - - - Introduction
        
        Product launched
        
        Invest significantly in promotion
        
        Underutilisation of capacity
        
        High risk
        
        Cash flow problems
      - Growth
        
        More efficient as capacity used more
        
        Unit cost may go down
        
        Revenues increase a lot
      - Maturity
        
        Sales reach peak
        
        Point of saturation reached
        
        Higher market share
      - Decline
        
        Extension strategies
        
        Sales decline
        
        Cost of supporting rises too far
    - - Image creation
      - Role models
      - Innovative design
  - - - Cost - plus
        
        Average cost plus percentage mark up to ensure profit
      - Competitor
        
        Set in relation to competitors based on market price or discount to market leader
      - Skimming
        
        High price set in a market with little or no competition, or for introducing product that is clearly superior to copmetitors
      - Penetration
        
        Low prices set compared to competitors, break into market and gain market share
      - Promotional
        
        Reducing prices to boost sales or to sell off old stock, usually short period of time
  - - - Social media account
      - Websites
      - Print media
      - Television
      - Radio
    - - Directly paid for through independent media (radio, TV, billboards)
    - - Promotions that increase sales but are not advertising (loss leaders, free samples)
  - - - Producer - Wholesaler - Retailer - Customer
        
        Producer may not have selling expertise
        (Only need to sell to maybe 3 main customers)
        
        Lower profit margins
        
        Over reliance on limited range of customers
      - Producer - Retailer - Customer
        
        Higher profit margins
        
        Producer can directly push product onto retialers
        
        Producer needs time / expertise to sell to a wide range of retailers
      - Producer - Customer
        
        Much higher profit margin
        
        Can first hand see customers tastes
        
        Expensive and cumbersome to deal with large amounts of customers
    - - ad/dis to customer
        
        Price comparison
        
        Seven day availability
        
        Wide range of products
        
        Problems returning goods
        
        Security of payment details
        
        Limited methods of payment
      - ad / dis to business
        
        Can sell throughout the world to more potential customers
        
        Open at all hours throughout the y ears
        
        Use of website to improve the image
        
        Retraining of employees
        
        More competition world wide
        
        Difficulties of delivering goods
        
        May be reliant on another distribution firm
- - - - Market research to develop a product customers want
    - - Product produced first, then market for it is found
- - - - Questionnaires
      - Interviews
      - Focus groups
    - - First hand
      - Tailored to company needs
      - Up to date
    - - Time consuming
      - Expensive
      - Large sample group needed for accurate results
  - - - Internal data
      - Newspapers / Magazines
      - Census
    - - Data already exists
      - Quick to collect
      - Cheaper to collect
    - - Out of date
      - Not specific to company needs
      - Data might not be in a usable form
  - - - Charts
      - Graphs
      - Statistical analysis
    - - Potential target market
      - Possible pricing strategies
      - Possible methods of promotion