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PRODUCT
The business has to produce a product that people want to buy. They have to decide which 'market segment' they are aiming at - age, income, geographical location etc. They then have to differentiate their product so that it is slightly different from what is on offer at present so that people can be persuaded to 'give them a try'.
PROMOTION
Customers have to be made aware of the product. The two main considerations are target market and cost. A new business will not be able to afford to advertise on national television, for instance and would not wish to because its market will be local to start with. Leaflets, billboards, advertisements in local newspapers, Yellow Pages and 'word of mouth' would be more appropriate.
PRICE
The price must be high enough to cover costs and make a profit but low enough to attract customers. There are a number of possible pricing strategies. The most commonly used are:
- PENETRATION PRICING - charging a low price, possibly not quite covering costs, to gain a position in the market. This is quite popular with new businesses trying to get a 'toehold'.
- CREAMING - the opposite to penetration pricing, this involves charging a deliberately high price to persuade people that the product is of high quality. Luxury car makers often use this strategy
- COST PLUS PRICING - this is the most common form of pricing. Costs are totalled and a margin is added on for profit to make the total price.
PLACE
The business must have a location that it can afford, and that is convenient and suitable for customers and any supplier.
What else can I help you with?
Why is jollibee foods corporation considered to be in regular foreign marketing phase?
i really don't know that's why were asking you! give us information pls.
marketing concept ?
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Compare the 5 marketing management philosophies?
The five marketing management philosophies differ in focus: Production emphasizes efficient, low-cost output, assuming demand follows availability. Product prioritizes quality and innovation, expecting superior goods to attract buyers. Selling focuses on aggressive promotion to drive sales, often regardless of need. Marketing centers on understanding customer needs, tailoring offerings to meet them. Societal Marketing balances customer satisfaction with societal well-being, promoting sustainable practices. Each philosophy suits different market conditions, but the marketing and societal approaches best align with modern consumer expectations for value and responsibility.
What is the mission statement for the African sandals business?
PLS TELL ME
What is the difference between branded and unbranded products?
Branded products are more renowned than unbranded eg u go to the market to buy a PHILIPS pressing iron or a DELL laptop, note that PHILIPS and DELL are brands. u might as well get similar products without these names attached to them, u could get a pressing iron or a laptop which would perform the same functions without bothering about the brand name associated with it. It might interest u to know that terms differ when it comes to buying branded or unbranded products depending on whose brand you are patronising...... for more info pls call 2348064315872 or send me a mail to laxy220@yahoo.com
What is the relevance of marketing to insurance?
what is the relevance of marketing to insurance pls what is the relevance of marketing to insurance pls
What is memory explain the types of memory?
pls answer my questions and pls dont be asking me
Will you pls explain me after starting the car the computer is showing me that service a is due now.what does it mean.?
It is time for an oil change. Check the drivers manual for all the details.
How did they kill a Bulgaria?
who kills. pls explain
the cruise that starts in Singapore?
show me details pls
Convolution theorem in signal and system?
pls tel me in details with example
What is the value if Bulgaria 1925 coin?
Mention type of coin pls, Write in details
What is the mean of 'code' in sociolinguistics term?
if u know something about this notion explain pls
What is the use for identified smell?
hi, this from Abdul pls answer the gas smell details thanks & regards,
How can get my voter ID card photo in Bangladesh?
Pls contact election commision with all your details
What are the names names of vehicles used in 1900s. Explain their facts too pls?
ford car
What is 'marketing intelligence'?
that would be an oxymoron. pls click on link for further explaination http://en.wikipedia.org/wiki/Oxymoron that would be an oxymoron. pls click on link for further explaination http://en.wikipedia.org/wiki/Oxymoron
