Marketing Mix MindMap
- Created by: 98nfo
- Created on: 17-03-15 10:11
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- Marketing Mix
- Product: The company must come up with a product that people will want to buy. It must fulfill some of the customers needs or wants if it going to sell.
- Price: The price must be one that the customers think is good value for money.
- There are four different types of pricing strategies: Penetration Pricing When a company charges a very low price when the product is new to get people interested in it,
- Penetration Pricing When a company charges a very low price when the product is new to get people interested in it,
- Loss leader pricing is when the price is set below the the cost of the product (the firm will increase the price of the product over time).
- Price Skimming is the opposite of penetration pricing. when the firm charges a high price to begin with, e.g Apple this is to increase sales.
- Competitive Pricing This is when a firm charges a similar prices to other firms.
- There are four different types of pricing strategies: Penetration Pricing When a company charges a very low price when the product is new to get people interested in it,
- Promotion: Ther product must be promoted so that potentail customers are aware that it exist.
- Place: It must be sold on a place that the customers will find covenient.
- Where to sell: Directly to the customers or directly to the retailer or to a wholesaler
- For elements to marketing; Product, Price Promotion and Place. This is also know as the four Ps.
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