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Marketing Mix (different factors influencing the integrated marketing mix,…
Marketing Mix
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product
convenience products
inexpensive, regularly bought everyday
shopping products
clothes, computers, washing machines - less regularly bought and more expensive
specialty products
consumers believe are unique in some way - perceived image and quality = high price = high profits or businesses
product line
consists of related products with similar characteristics, uses or target consumers
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businesses aim to have a product mix that contains a variety of different products, all at different stages of the product life cycle
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pricing
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pricing strategies
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loss leaders = products sold at or below cost price - may lose money but will also gain profit as a whole = customers will buy the loss leader ass well as full priced product in the shop
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