Marketing

• explain the term marketing

  the management process responsible for identifying, anticipating and satisfying customer requirements profitably
• explain the term marketing mix

  describes all the key activities which are used in marketing a produce or services
• what are the 4ps in the marketing mix?

  • product
  • price
  • promotion
  • place
• what is the product life cycle?

  1. research and development
  2. launch
  3. growth
  4. maturity
  5. saturation
  6. decline OR success
• what are the 4 different extension strategies which can be used to extend the life of a product?

  • modifying the product
  • reducing the price
  • exporting the product
  • increasing the advertising
• explain exporting the product

  selling in a new country
• explain increasing the advertising

  so more people will see and know about it
• when did the consumer rights act 2015 become law?

  1st October 2015
• what is consumers rights act?

  introduced to simplify, strengthen and modernise the law, giving you clearer shopping rights
• what are consumer rights act standards?

  • satisfactory quality
  • fit for purpose
  • as described
• how many days do people have the right to reject? (consumers rights act 2015)

  30 days
• what is the consumer protection act of 1987?

  protects public by

  • prohibiting manufacturer and supply of unsafe goods
  • making seller of a defective product responsible for damage it causes
  • allowing local councils to seize unsafe goods
  • prohibiting misleading price indications