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14 Cards in this Set
- Front
- Back
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First stage of product life cycle |
Introduction -when the product of first launched on the market lots of advertising and promotion to encourage sales |
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Stage 2 of product life cucle |
Growth- this is when the product becomes well known as a result of promotion which increases sales |
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Stage 3 of product life cycle |
Maturity- this is when the product is at its highest point meaning it’s at the most profitable stage |
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What is stage 4 of product life cycle |
Decline- this is when the product begins to fall as sales decrease usually because a new version of the product is coming to the market |
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Compare methods of market research |
Feild research use interviews and surveys in person whereas desk research use online website and emails etc Also field research is first had information whereas desk research is second hand |
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What’s the product element of the marketing mix |
This is the actual item produced that is sold this element is important as it must be something the customer desired and they use market research to identify what the customer desires |
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What’s the product element of the marketing mix |
This is the actual item produced that is sold this element is important as it must be something the customer desired and they use market research to identify what the customer desires |
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What is the place element in marketinf |
This is how the business make the product available to customers and where it is sold the product must be accessible for customers and sold through more than one channel such as online etc |
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What is the price element in marketing |
This is how much the business will charge the customer for the product different pricing strategies are usually used when deciding on the price of the product the price should be a price the customer is willing to pay it shouldn’t be too high that competitors can set better prices and shouldn’t be too low that it can effect the quality of the product |
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What is the element of promotion |
This is how the customers find out the product exists and encourages customers to buy the product there are more methods than just advertising through promotion |
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Market segmentation -product |
-to ensure the product is suitable and specific to the customers need if it isn’t the customer will not be interested in the product and this will decrease sales |
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Market segmentation-place |
To ensure the product is in the most suitable place meaning it can be accessible for the target market allowing customers to purchase the product in a way convenient to them |
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Market segmentation-price |
-to allow a suitable price to be set that will reflect what that market segment can afford and are able to pay |
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Benefits to a company having a strong brand |
-new products can be launched to market easily -customer loyalty -higher price on products as u have built a trust with customers -making the brand recigniseable and can act as a marketing and promotional tool allowing businesses to be distinguished from competitors |
