Essay
P6 Unit 3
- Course
- Institution
Essay of 3 pages for the course Unit 3 at Deltion College (P6 Unit 3)
[Show more]
Seller
Follow
boazspaan
Reviews received
Content preview
P6 Unit 3 Boaz SpaanWhat is the marketing mix?
The marketing is an good framework for developing marketing plans. The marketing mix for physical
goods is generally accepted as being made up of four P’s. this P’s are: Product, Price, Promotion and
Place. Once the marketing objectives have been agreed marketing plans must be developed to achieve
the goals of the business.
Product, Price, place and promotion
A product is anything that can be offered to a market to satisfy a want or need. Products include physical
goods, services, experiences, events, persons, places, properties, organisations, information and ideas.
Price is the amount of money consumers have to pay to acquire the product. This can vary considerably.
place describes where and how the consumer can obtain the product. Tesco has stores all over the
country but place does not have to be a physical location. Nowadays consumers can buy books over the
telephone, via the internet or through their TV remote control. Producers have to choose the best
method carefully to ensure consumers can find their product in an appropriate place when they decide
to make a purchase. Promotion describes the activities undertaken to ensure the consumer knows about
the product and its capabilities. It usually combines advertising, sales promotion, public relations and
personal selling.
What is the product life cycle curve?
The product life cycle concept reflects the theory that products, like people, live a life. They are born,
they grow up, they mature and eventually they die. It is a useful concept for thinking about what a
product has achieved and where it is heading in the future.
Seven P’s strategies
Premium pricing, keeps the price high to ensure the good quality of the product
penetration pricing, short term strategy, keeps the prices low and then it increases
skim pricing, the prices are going from high to low.
Psychological pricing, it look cheaper but it isn’t. for example 5,99 it looks 5 euros but it is 6.
captive product pricing, the purchase of the product is low, but all the accessories are high in price.
product line pricing, pricing of different products within the same product range at different price
points.
Economy pricing, the deliberate setting of a low price in order to boost sales.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller boazspaan. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $4.28. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
53068 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now