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4 P'S - place, promotion ,product prize
MARKETING- identyfying, understanding and satsfying customer needs at a profit
CUSTOMER NEEDS- convience , quality price
MARKET SEGMENTATION- dividing a market into different parts that reflect customer needs and wants
MARKET RESEARCH- the action of gathering info about customer needs and wants
PRIMARY RESEARCH(benefits)- focused to reach objectives
kept private
(disadvantges)- time consuming and costly
SECONDARY RESEARCH(benefits)- free and easy to obtain
(disadvantages)- expensive
PRODUCT- quality, features , packaging, design
PRICE- profit, market skimming
PLACE- surroundings, online
PROMOTION- advertising, social media
PRODUCT LIFE CYCLE- 1) research and development ( testing, not all products launch)
2) introduction (launched, low cash flow)
3)growth phase
4)maturity
5)decline
BOSTON MATRIX
high-high-star
high-low-cash cow
low-high-question mark
low-low-dog
PRICE TECHINQUES-SKIMMING-high to low
PENTRATION-low to high
COMPETITIVE PRICING- pricing the same as competitors
LOSS LEADER- selling products at a low price and maybe not making a profit
COST PLUS PRICING- cacluating the total cost to produce the product or service and the profit is added on top
E-commerce- wireless device eg: phone
M-commerce- internet eg: computer
SALES PROMOTION- 2 for 1 or coupons
WAYS TO PROMOTE- billboards, TV, posters, social media
WHOLESALERS- people who make money by buying at a lower price and re-selling with a profit
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