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Unit 5 Revision Notes: - Coggle Diagram
Unit 5 Revision Notes:
Marketing Concept:
Benefits of Marketing Concept to a Business:
Increase Sales
Price Premium
Survival
Marketing Strategy:
Market Segmentation
Target Market
SWOT Analysis
Marketing Mix
Benefits of Market Segmentation:
Price
Place
Product
Promotion
Product:
Branding
Packaging
Design
Product Life Cycle (PLC)
The Product Life Cycle:
Growth Stage - Competitors may enter.
Maturity Stage - You can extend your product line.
Cash flow is negative at the research and development stage.
Product Extension - You can extend your product line.
Some products continue to grow.
Not all products reached the final stage.
Own Brand Products:
Increased sales.
Decreased costs.
Benefits of own brand products to a business.
Price:
Factors to take into account when setting price:
Consumers
Type of product
Competitor's prices.
Stage of the Product Life Cycle
Cost of manufacturing
High Pricing Strategies:
Price Leadership
Price Skimming
Price Premium
Low Pricing Strategies:
Tactical Pricing
Cost Plus Pricing
Penetration Pricing