business notes

• Private-sector business types

  • Sole Trader
  • Partnerships
  • Limited Companies
  • Private (Ltd)
  • Public (plc)
  • Cooperatives
• price refers to how much money customers pay for goods/services
• product refers to the goods or services being sold by an organisation
• the marketing mix consists of the four p's - product, price, promotion, place
• the marketing mix consists of the four p's - price, promotion, place and product
• The price charged will depend on factors such as production costs, competition, demand, and profit margins.
• Price is the amount paid by consumers for a product or service.
• promotion involves advertising and selling products to potential buyers
• place is where products are distributed from suppliers to consumers
• promotion involves advertising and other ways of communicating with potential buyers about what they sell
• place is where products are distributed from manufacturers to consumers
• Pricing strategies include cost plus pricing, value based pricing, penetration pricing, skimming pricing, and psychological pricing.
• public sector organisations include government departments, local authorities, NHS trusts, schools and universities.
• profit = total revenue - total costs
• public sector organisations include government departments, local authorities, NHS trusts, schools, universities, police forces, fire brigades, prisons, museums, galleries, libraries, etc.
• place is where products are distributed from suppliers to consumers
• a product can be tangible (physical) or intangible (non-physical)
• Promotion includes all activities that aim to inform people about a product or service and persuade them to buy it.
• Place refers to how easy it is for customers to buy the product
• product refers to goods and services that businesses produce and sell
• Place refers to where consumers can buy the product.
• product refers to goods and services that satisfy customer needs
• Promotion involves communicating with potential buyers about products through advertising, public relations, personal selling, direct mail, sponsorship, guerrilla marketing, and other methods.
• place refers to where the product can be purchased from
• Promotion involves communicating with potential buyers about products and persuading them to buy.
• Price is one of the most important elements of the marketing mix because it affects sales volume and revenue.
• place refers to the distribution channels used by businesses to get their products into the hands of customers.
• the purpose of place is to make sure that customers have access to the right quantity of the right quality of the right product at the right time and location
• promotion refers to advertising and marketing campaigns designed to promote products and increase sales.
• price is the amount paid by the consumer for the product
• Product refers to what is actually being sold.
• a product can be tangible (physical) or intangible (service)
• promotion refers to advertising and other ways of getting information about a product out to potential buyers
• promotional mix is made up of advertising, personal selling, sales promotion, public relations, direct marketing, sponsorship, guerrilla marketing, and online marketing
• promotion involves advertising, sales promotion, public relations, personal selling, direct marketing, sponsorship, guerrilla marketing, and viral marketing
• Price is what customers pay for a good or service.
• promotion refers to all activities involved in getting information about a product into the hands of people who might want or need it
• Pricing strategies include skimming, penetration, competitive parity, leader-follower, psychological, value-based, and premium pricing.
• Price refers to what customers pay for the product, including any discounts or promotions.
• A company's pricing strategy will depend on its objectives, target market, competitors, and cost structure.