Marketing
4P’s
Product
Identifying and understanding customers
Price
Place
Promotion:
It is important for a business to identify and understand customer needs, as this brings many benefits:
Sales/offers
Public relations
Advertising
Select the correct marketing mix
Avoid costly mistakes
Increase sales
Be competitive
The business can provide a business/service that the customer will buy
Social media
Billboards
TV adverts
Segmentation
Press conference
Building reputation of company
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Location of business
Demographics- demographic segmentation is the chracteristics that people posess, including age, race, gender and much more
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Location - geographical segmentation can target customers based on what their local area provides, for example walkers in the lake district would want waking boots more than those in London
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USP
Product variety
Pricing strategy
Shipping
Price penetration: Starting lower and gradually increasing
Price skimming: Starting high gradually lowering
Cost-plus: Setting a percentage profit from the price of costs and selling all products at that price
Loss leader: Selling at a loss
Competitive: ricing based on competitors prices