2.2 marketing

• The market mix includes product, price, promotion, and place
• The design mix includes aesthetics, function, and economic manufacturer cost, displayed in a triangle
• The product life cycle theory explains the stages a product goes through: introduction, growth, maturity, and decline
• Businesses may implement extension strategies during the decline stage to prolong a product's life
• Technology products often have short life cycles due to rapid innovation, leading to the need for continuous product development
• Differentiation is a key concept in creating a unique selling point for a product to stand out among competitors
• Differentiation in business is creating a way to make a product stand out among its competition
• The aim of differentiation is to potentially charge a higher price for the product
• Not all businesses want a differentiated feature; some focus on economic cost and low prices
• Using the market mix involves aligning the price with the quality of the product
• High prices may lead to higher profits per sale but lower sales volume
• Low prices may result in higher sales volume but lower profit margins
• Factors affecting pricing include branding, technology, and competition levels
• Promotion methods include advertising, sponsorship, branding, and offers
• Advertising aims to link the product with the target audience through various channels
• Sponsorship involves paying an event or individual to use or advertise a product
• Branding, like logos, can be a powerful differentiating factor for a business
• Offers like sales and discounts can attract more customers but may impact perceived value
• Offers and sales can backfire but can also lead to increased sales and reputation
• Trials are effective for products that people may not try otherwise, encouraging loyalty and positive reputation
• Technology, especially social media like Instagram, Snapchat, and TikTok, is crucial for businesses to reach their target audience
• Targeted advertising on social media based on user history can be highly effective in reaching the right audience
• Distribution involves getting products from the producer to the consumer
• Retailers sell products to customers, while e-commerce and etailers sell online
• Direct distribution channels involve the producer selling directly to the consumer, while indirect channels involve intermediaries like wholesalers and retailers
• The Market Mix involves ensuring that product, price, promotion, and place work together effectively to maximize sales
• Not all businesses want a differentiated feature; some focus on economic cost and low prices
• BENEFITS OF RETAILING

  .OPPORTUNITY TO BROWSE AND TRY PRODUCTS

  . POINT OF SCALE EG. DISPLAYS

  . PROVIDE CUSTOMERS HELP AND ADVICE

  .EXPERIENCE OF SHOPPING
• BENEFITS OF E-TAILING

  .NO RENT

  .24 HOURS-BUY ANYTIME

  .ACCESS CUSTOMERS ALL AROUND THE WORLD

  .SMALL BUSINESSES ABLE TO COMPETE WITH LARGE COMPANIES
• CONSIDERATION TO CHOOSING LOCATION

  .COST

  .COMPETITORS

  .PROXMITY TO LABOUR MARKET

  .PROXMITY TO TRANSPORT LINKS AND RESOURSES