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Business Studies: Marketing
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-These notes on marketing for business studies assisted me in achieving an 87% score on a class test
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Marketing:What is it?
~All activities that impact on the image of the business and customer decision to buy/not
to buy product
7P’s of marketing:
● Price
- Drives customer loyalty
- Sales —-> Cash flow
- Convenience
- Competitive advantage
- Price sensitivity: Make sure price matches the socio-economic status
of the customers/target market
Pricing strategies:
1. Penetration
- Think about the product life cycle
- Looking to catch some market share
- Problem: Customers are already loyal to a specific product
- You must give consumers a reason to change their product ( it can
be done through pricing by making it cheaper)
- Adv: Business is driving sales
- Disad: Loss of profit, because you are setting prices too low
- As product start to grow & brand loyalty has been achieved, the price
of product can be increased since consumers are hunting for this
product
2. Skimming
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