2.2 : Making Marketing Decisions

• What are the Elements of the Design Mix?

  Function, Aesthetics, Cost
• What are the Phases of the Product Lifecycle?

  Introduction, Growth, Maturity, Decline
• Extension Strategies

  involve slightly changing the product so that it has a fresh appeal to the target market or appeals to a new market segment
• Influences on Pricing Strategies

  Technology, Competition, Market Segment, Product Life Cycle
• Pricing Strategies

  Margin Strategy - setting a price that achieves a high profit margin / Volume Strategy - setting a price with a low profit margin, meaning a higher sales volume is required to be profitable
• Promotion Strategies

  Advertising, Sponsorship, Product Trials, Special Offers, Branding
• Use of Technology in Promotion

  Targeted Advertising Online, Viral Advertising via Social Media, e-newsletters