enterprise💞

• 4ps of the marketing mix

  product

  price

  promotion

  place
• unique selling point


  the feature of the product which makes it different from other buisness
• brand image 


  the way a business differentiates itself from other rivals by using things such as slogans
• the product life cycle

  1.development

  the product has first been desighned
• the product life cycle

  2.introduction

  when the product is first put into the market to be sold

  -sales are slow
• product life cycle

  3.growth

  when sales start to rise and the product becomes more popular

  -profits are climbing
• product life cycle

  4.maturity

  an established product where sales are high
• product life cycle

  5.decline

  products become outdated
• pricing strategies

  competitive

  price in line with similar businesses /products on the market
• pricing strategies

  cost plus

  calculating the average cost of your product and adding a percentage on top of this to determine the price
• pricing strategies

  penetration


  setting a low price for a new product to break into the market
• pricing strategies

  skimming

  setting a high price initially for a new product

  -(overtime price tends to fall)
• price skimming

  premium


  setting a high price to promote a very high quality product
• buisness to buisness


  only sells its goods to other enterprises

  -b2b markets tend to consists of larger enterprises
• business to consumer 


  enterprise sells its goods to individual customers
• mass market


  approach requires the promotion of goods or services to a wide variety of audiences trying to appeal as many people as possible
• niche market


  approach focuses on targeting a smaller segment of a larger market

  -a specific target audience who has specific targets and wants
• target market 


  any location where buyers/sellers come together to exchange money for goods/services
• market segmentation 


  can be used to make identifying a target market easier for an enterprise

  -dividing a market into different groups
• demographic market segmentation


  it allows enterprise to market products to those with specific common variables

  -age , gender , education
• geographic segmentation 


  helps a enterprise to target products to people who live in a particular location

  -travel there

  -shop in
• psychographic segmentation


  helps a enterprise identify and group customers based on their attitudes ,lifestyle,social class,personality
• behavioural segmentation


  distinguishes potential and current customers on terms of their shopping behaviour

  -how much they spend

  -consume

  -if they are loyal
• below the line advertising

  directed to reach a smaller, targeted audience
• above the line advertising

  mass media approach to reach a large audience
• competitive pricing

  advantage

  won’t put off customers as it’s a price they are willing to pay
• competitive pricing

  disadvantage 


  price does not make the buisness stand out
• cost plus pricing

  advantage

  ensures the business makes profit
• cost plus pricing

  disadvantage

  prices may not be inline with competitors
• price skimming

  advantage

  a high price gives off a quality brand image of the product
• price skimming

  disadvantage

  puts off customers who may wait for it to be cheaper
• price penetration.

  advantage

  good way to break into the market
• price penetration

  disadvantage

  low prices mean low profit will be made
• premium pricing

  advantage

  a high price gives off a high quality brand image of the product
• premium pricing

  disadvantage

  narrows the target market