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Business revision, Marketing mix, Ownership types, Market research,…

- - - - bought by individuals
    - - bought by individuals
    - - made for other businesses
    - - provided for other businesses
  - - - Growth
        
        sales begin to increase and competitors enter the market. revenue is starting to be generated which will help pay off R&D costs. product may even be profitable
      - Maturity
        
        sales grow at a slower rate and stabilise
      - Launch
        
        very costly, and sales may be low as consumers don't yet know much about the product
      - Decline
        
        sales fall. if this is seen as temporary by company, they may use extension strategies if not, firm may 'milk' product
      - Research & Development
        
        very costly, no sales revenue made. many products don't make it to launch phase. marketing plan developed if successful
- - - - price lower than the competitors
      - disadvantage
        
        low price means low profit
      - advantage
        
        ensures sales are made
    - - high price set for a new product or invention on the market
      - advantage
        
        helps establish good product quality
      - disadvantage
        
        may put off some potential customer because of the high price
    - - price in line with rival or just below rival
      - advantage
        
        sales likely at high realistic level
        
        not under or overpriced
      - aim to capture more of the market
      - disadvantage
        
        cost time & money
    - - cost of manufacturing + plus a profit mark up
      - disadvantage
        
        if price too high than the rival price, you may lose sales
      - advantage
        
        easy to apply
    - - sold at very low price for short periods
      - advantage
        
        useful getting rid of the over stocks
        
        helps make interest in the business
      - disadvantage
        
        the sales revenue will be lower because of the price
- - - - Specific
      - Mesurable
      - Achievable
      - Realistic
      - Timed