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Layla Moore
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Cards (23)
explain the term
marketing
?
collective name for a whole group of different business activities within a company which are concerned with
obtaining
and
keeping
customers
explain the term
marketing mix
?
describes all the key activities which are used on marketing a
product
or service
what are the
4Ps
in the
marketing mix
?
product
price
promotion
place
what is the order of the
product life cycle
?
research and development
launch
growth
maturity
saturation
decline
OR
success
what is the highest point in the
maturity stage
of the
product life cycle
?
saturation
what happens
at introduct
i
on/lau
nch?
marketing
& promotion to make public aware
sale will be slow but will increase
sales won't be at a
profit-making
position yet
what happens at
growth stage
?
sales grow
rapidly
prices can be reduced especially if other producers start to provide
competition
increased sales =
profit-making
position
what happens at
maturity stage
?
sales at highest levels
competition can be intense so it's difficult to increase
sales volume
further
businesses decide fate of product - allow to go into saturation and decline OR extend life of product through an
extension strategy
what happens at
saturation stage
?
unlikely to be any new
competitors
entering
market
new customers cannot be found
weakest brands drop out of market
profits will be good but not growing
highest point in
maturity stage
what happens at decline stage?
final stage in life of product
product is unprofitable
businesses should have other products ready to launch to replace declining products
What are
extension strategies
?
altering one or more elements of the
marketing mix
to achieve greater sales
4 different
extension strategies
?
reducing the
price
exporting the
product
modifying the product
increasing the advertising
what does
exporting
the product mean?
selling it in a new country to increase
customers
what does
modifying
the
product
mean?
changing or improving it
When did the
consumer rights act
2015
become law?
1st October
2015
why was the
consumer rights act
introduced?
to give people clearer
shopping rights
what
standards
must products meet in the
consumer rights act
?
satisfactory quality
fit for purpose
as described
what does satisfactory quality mean?
goods shouldn’t be faulty or damaged when you receive them
what does
fit for purpose
mean?
goods should be fit for purpose they are supplied for
what does as described mean?
goods
supplied must match any
description
given to you
how many
days
to
customers
have the
right
to reject?
30
days
when was the
consumers protection act
introduced
?
1987
what are the four ways the
consumer protection
protects the
public
?
prohibiting the
manufacture
and supply of unsafe goods
Making manufacturer/seller of a
defective product
responsible for damage it causes
Allowing
local councils
to seize unsafe goods
Prohibiting
misleading price indications
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