Business studies marketing mix

Business studies marketing mix with
valid solutions
Marketing rr- rrCORRECT✅✅Process rrresponsible rrfor rridentifying rranticipating rranf
rrsatisfying rrcustomer rrdesires rrprofitably


7 rrP rrs rr- rrCORRECT✅✅Product, rrprice, rrpromotion, rrplace, rrprocess, rrphysical
rrenvironment, rrpeople


Internal rrchanges rrin rrmarketing rrmix rr- rrCORRECT✅✅New rrstaff
New rrobjectives
New rrprocess
Financial rrchanges

External rrchanges rrto rrmarketing rrmix rr- rrCORRECT✅✅Competition
Technology
Political
Economical
Environmental rr
Legal

Product rrdefinition rr- rrCORRECT✅✅Anything rrthat rris rroffered rron rrsale rrin rra rrmarket
rrthat rris rrcapable rrof rrsatisfying rrcustomer rrwants rrand rrneeds


Three rrtypes rrof rrproduct rrdesign rr- rrCORRECT✅✅1. rrCentral rrproduct- rrthis rris rrthe
rrcore rrproducts rrwhich rris rrproduced rrand rrbenefits rrthe rrcustomer
2. rrActual rrproduct- rrthis rris rrspecifically rrmade rrby rrthe rrcompany rrwith rrbranding rror
rrspecial rringredients
3. rrAugmented rrproduct- rrthis rris rrthe rrspecial rrlayer rron rrtop rrthat rradds rrvalue rrto rrthe
rrproduct rreg rrwarranty


Three rrtypes rrof rrproduct rr- rrCORRECT✅✅Convenience
Speciality rr
Shopping rrgoods

Where rrare rrnew rrproduct rrideas rrgenerated rrfrom rr- rrCORRECT✅✅Business rrthink
rrtanks
Customers
Employees
Research rrand rrdevelopment
Accidental rrcustomers
Market rrresearch

, Main rrinfluences rron rrdevelopment rrof rrproducts rr- rrCORRECT✅✅Technology
Entrepreneurial rrskills rrof rrmanager rrand rrowner
Competition

Price rrdefinition rr- rrCORRECT✅✅The rramount rrof rrmoney rra rrfirm rrrequires rrin rrorder
rrfor rrproducing rra rrgood rror rrservice


When rrmust rrpricing rrdecisions rrbe rrmade rr- rrCORRECT✅✅At rrthe rrstart rrof rrproduct
rrbeing rrdistributed
When rrit rrbecomes rrnecessary rrto rrchange rrproduct rrprice

Internal rrinfluences rron rrprice rr- rrCORRECT✅✅Pressure rrfrom rrmarketing rrteam
rrBudget
Cost rrof rrproducing
Levels rrof rrresearch rrand rrdevelopment
Position rrin rrproduct rrlifecycle

External rrinfluence rron rrprice rr- rrCORRECT✅✅Value rr
Demand rr
Competitors rr
Channel rrof rrdistribution
Popularity

Penetration rrpricing rrmeaning rr- rrCORRECT✅✅This rris rrwhen rrthe rrbusiness rrinitially
rrsets rrthe rrprice rrof rrproduct rrlow rrin rrorder rrto rrattract rrcustomers rrand rrgain rra rrwide
rrcustomer rrbase rrand rras rrthey rrdo rrthis rrthey rrstart rrto rrraise rrprices rrin rrorder rrto
rrincrease rrprofits


Advantages rrof rrPenetration rrPricing rr- rrCORRECT✅✅Creates rra rrloyal rrcustomer
rrbase rrquickly
Increased rrefficiency rr
Captures rrmarket rrshare
Eliminates rrcompetitors

Disadvantages rrof rrpenetration rrpricing rr- rrCORRECT✅✅-may rrnot rrgain rra rrloyal
rrcustomer rrbase rras rrpeople rrcould rrbe rrlooking rrout rrfor rrbest rrdeals
- rrfirm rrsacrifices rrprofit rrwhen rrproduct rris rrnew rrand rrexciting
Not rrideal rrfor rrtechnologically rrdriven rrfirms rrwhere rrthings rrconstantly rrrapidly rrchange

What rris rrskimming rr- rrCORRECT✅✅This rris rrwhen rrthere's rra rrnew rrproduct rrbeing
rrlaunched rrso rrthe rrfirm rrsets rrthe rrprice rrhigh rras rrcustomers rrare rrwilling rrto rrpay rrthen
rrover rrtime rrthey rrdecrease rrthe rrprice rrto rrencourage rrdemand


Advantages rrof rrskimming rr- rrCORRECT✅✅-good rrfor rra rrquality rrconscious rrmarket
-economies rrof rrscale