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Market Revision Areas - Business (Different types of Markets (Friends,…
Market Revision Areas - Business
Types of Pricing strategies
Compare Types of research (Desk and Field)
Marketing Mix (and description)
Product
Price
Place
Promotion
Use of product range
Methods of promotion
TV Adverts
Magazines
Radio Adverts
Social Media posts
Product Lifecycle
Introduction: Product is launched onto the market, promotion and advertising begins, sales increase slowly
Growth: As product becomes well-known sales rapidly increase
Maturity: Sales level off as the product has reached its peak
Decline: Sales fall as demand decreases
What is marketing
Marketing is more than just advertising and selling. It involves identifying consumers needs and wants and meeting them in such a way that the producer makes a profit
A market is a place where you buy and sell products
Different types of Markets
Friends
Stock Market
Online (Gumtree, Facebook, Gumtree)
Car Boot sale
Street Market
Door-to-door sales
Shop
Market Segmentation
This is where a business will focus its activities towards a specific group
Makes the product appropriate
Its sold in the most suitable place
The price is suitable
The method of promotion will reach the target audience