Chp.8 - Marketing mix

Product

Marketing starts with product offering, undifferentiated and differentiated

Product- product life cycle

-Product development stage begins with an idea

-market introduction stage

-market growth stage

-market maturity stage

-sales decline stage

Price

Price decision is the prime determination of the firm’s revenue 

1. cost-marketing math

2. customers-demand analysis

3. Competitors’ Price is a key factor affecting a firm’s flexibility in pricing its
   products

4. Introductory Pricing Policies are pricing policies used with introducing a new product

5. Common Pricing Methods serve as a guide and need consideration of the 3Cs

6. Discounts as a pricing strategy used as means to influence consumer behavior

7. Allowances are reductions in price given because something is due the customer

8. Credit adds element of time to the pricing decision; two most common ways of providing credit

Elastic demand curve

Demand for products tend to be elastic when
consumers are very responsive to price
changes

Inelastic demand curve

Demand for products tends to be inelastic
when consumers are less responsive to price
changes

Promotion

Food businesses use promotion to deliver a message to their target audience

Advertising, Public Relations, Personal Selling, Sales Promotions, Direct Marketing, PLACE