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Marketing mix

QuestionAnswer
What are the 4 p’s? Price, product, place and promotion
Describe place Price- competitors, time to make/cost, cost plus and brand reputation
describe product Unique selling point and customer pain
Describe place Online or in store, logistics and distribution
Describe promotion Ad campaigns , spread of word and social media
Marketing Identifying and satisfying customer needs/wants while making a profit.
Market segmentation Breaking your market down into distinctive groups and marketing them differently eg gender, age, income , location , lifestyle
Target market Your chosen market segments
Niche market A part of the market that’s very specialise
Stages of a product: introduction The new product is launched and sales will be slow to rise
Stages of a product: growth Sales increase rapidly as customers learn about the product
Stage of a product: maturity Sales start peaking out as competitors enter the market
Stage of a product; saturation Most customers have the product and sales start slowly declining
Created by: O15iny
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