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Marketing Mix (24) - Coggle Diagram
Marketing Mix (24)
1) production
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c) Branding = name, symbol, or other feature that makes the brand recognizable. e.g. nike - tick, apple symbol.
d) Unique Selling Point (USP) = makes product different from competitors. e.g. Volvo - safety, Toyotas - reliability.
Own-branding = large shops have their own brand products, usually cheaper.
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Marketing = identifying customer needs and wants whilst making a profit,
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Niche market = small, specialised segment of a larger market for a particular product or service, e.g. wedding dresses/tailor-made suits.
2) Price
- Descriptions = Amount of money a seller charges a customer.
Price Strategies
1) cost pricing - how much it costs to produce a product, add a % mark-up to make a profit.
2) competitive pricing - sets a price similar to competitors, e.g. Pepsi.
3) premium pricing - seller sets a permanently high price to make an image of exclusivity, e.g. designer clothes.
4) penetration pricing - seller charges a low price when the product is new to make consumers interested.
5) psychological pricing: set a price lower than round number so customers will seem cheaper, e.g. €599 instead of €600
4 p's = product, price, place, promotion
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