Please enable JavaScript.
Coggle requires JavaScript to display documents.
Marketing Mix - Coggle Diagram
Marketing Mix
Price
4 key factors that influence a business' pricing decision: Degree of competition, Costs, Nature of Product and the Product Life Cycle
Price Skimming: a business will set a relatively high initial price and then gradually lowers it over time.
-
it can however slow unit sale growth and gives competitors time to launch new competing products/services
-
-
Competitive Pricing: when a business sets its prices for its products/services based on what other businesses in the market are charging
used in markets where similar products/services sold, for example: petrol stations
Cost-Plus Pricing: where a business charges the customer based on what it costs to produce the product/servce
-
-
Digital Marketing
-
-
Benefits: Reaches more customers, sells directly to consumers (B2C) and cheaper to set up a business
-
-
Product Life Cycle
the series of stages that a product goes through over time, not all products last forever, they start somwhere and most products and services experience a fall in sales after a certain period of time.
-
Promotional Methods: different methods that businesses use to inform consumers about their products/services in order to persuade consumers to buy them, consist of:
Sales Promotion, Sponsorship, Product Placement, Advertising, Public Relations and Social Media
Advertising, involves a business paying to have their product/service promoted in a public space, aims to make consumers aware of their product and get them to purchase it.
Factors influencing the promotional mix: Finance available, competitor actions, nature of the product, nature of the market and the target market
-
