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UNIT 3 : MARKETING, Direct mail, Sponsorship, Below-the-line promotion,…

- - - - Maturity
      - Saturation
      - Growth
      - Decline
      - Introduction
- - - - HIGH sales
      - Same production/ promotion => RISK can be spread
      - Growth opportunities
      - HIGH level of competitors
      - HIGH cost of advertising
      - STANDARDIZED products are produced, which might not meet the individual needs of all customers
    - - Usually small business => usually successful with small amount
      - REDUCED competition
      - Sales may be low
      - Maintain customer loyalty & good relationship by focusing on the needs of customers
      - HIGHER RISK of fail so the business MUST be small in order to successful
- - - - It protects the product
      - It provide information about the product
      - To help consumers recognize the product
      - It keeps the product fresh
  - - - Setting a high price for a new product that is unique or very different from other products on the market
    - - Setting a very low price to attract customers to buy a new product
    - - Setting a price similar to that of competitors’ products which are already available in the market
    - - Setting price by adding a fixed amount to the cost of making the product
    - - Setting the price of a few products at below cost to attract customers into the shop hope that they will buy other products as well
    - - % change in quantity demanded / % change in price
    - - Is it a new or existing product?
      - Is the product unique?
      - Is there a lot of competition in the market?
      - Does the business have a well-known brand image?
      - What are the costs of producing and supplying the product?
      - What are the marketing objectives of the business?
  - - - Advertising
        
        Paid-for communication with consumers which uses printed and visual media like television, radio, newspapers, magazines, billboards, flyers, cinema etc
      - Sales Promotion
        
        using techniques such as ‘buy one get one free’, occasional price reductions, free after-sales services, gifts, competitions, point-of–sale displays free samples etc. to encourage sales.
      - Personal selling
        
        sales staff communicate directly with consumer to achieve a sale and form a long-term relationship between the firm and consumer.
    - - Stage of product on the PLC
      - The nature of the product
      - The nature of the target market
      - Cost-effectiveness
  - - - The type of product it is
        
        The technicality of the product:
        
        The price of the product
        
        The durability of the product:
        
        Location of customers
        
        Where competitors sell their product:
        
        How often the product is purchased
- - - - INTERVIEW
      - QUESTIONNAIRE
      - ONLINE SURVEY
      - SAMPLE
        
        quota sample
        
        random sample
      - FOCUS GROUP