marketing

    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?

      1. research and development
      2. launch
      3. growth
      4. maturity
      5. saturation
      6. decline OR success
    • what is the highest point in the maturity stage of the product life cycle?

      saturation
    • what happens at introduction/launch?

      • 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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