The marketing mix (OCR GCSE Business): Flashcards
📚Flashcards
Practise the cards
15 cards from this deck
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Practise the cards
15 cards from this deck
How many factors in the marketing mix?
How many factors in the marketing mix?
4 factors
What is invention?
What is invention?
Creating and designing a product
What is innovation?
What is innovation?
Turning an invention into reality
What does function mean in product design?
What does function mean in product design?
How the product works and its purpose
What happens in maturity stage of product life cycle?
What happens in maturity stage of product life cycle?
Peak sales
What is price skimming?
What is price skimming?
Charging high price for quality/well-known product
What is cost-plus pricing?
What is cost-plus pricing?
Cost of manufacturing + profit on top
What is penetration pricing?
What is penetration pricing?
Very cheap product to attract new customers
What is competitor pricing?
What is competitor pricing?
Setting prices based on competitors
What is promotional pricing?
What is promotional pricing?
Lower price to sell old stock (e.g. sales)
What is a loss leader strategy?
What is a loss leader strategy?
Sell main product at loss, charge more for accessories
Key cost advantage of social media advertising?
Key cost advantage of social media advertising?
Free to start
Main disadvantage of leaflet advertising?
Main disadvantage of leaflet advertising?
Often thrown away (wastes money)
Cost of TV and radio advertising?
Cost of TV and radio advertising?
Much more expensive (production + broadcasting)
Key advantage of digital distribution?
Key advantage of digital distribution?
Customers can access instantly