Business - Marketing

The marketing mix is a recipe for effective marketing using the marketing mix when planning the marketing for product allows for consistent approach

Product Place Price Promotion

Unique selling point

anything that is capable of satisfying customer needs

The process by which companies distinguish their product offerings from the competitive is called branding

design Product life cycle Branding USP

Introduction The new product is launched. Sales will be slow and consumers become familiar with it.

Growth Sales increase rapidly as more consumers learn about the product

Maturity Sales growth increases at a slower pace and may start to level off, often due to competitors entering the market

saturation Sales reach their peak because there are many competitors in the market and because most consumers already have the product

Sales followed due to changes in taste fashion or the introduction of a new or better product the product may be withdrawn from the market

some large shops have their own brand products. Only label brands are generally developed by a retailer rather than buy a producer.

to inform prospective customers of the product and the business to show the benefits of the product To persuade potential customers to buy the product To present a good image

Increase profit Increased cost Brand recognition No competition

The business calculates how much it costs to produce a product, and adds a percentage mark-up to make a profit

The business sets a price that is similar to rival products. Eg Pepsi and Cola