Flashcards in 1.4.3 - The Marketing mix Deck (8)
What are the factors of the marketing mix?
Sell the same product for a lower price than competitors
Price War: When competing businesses try to undercut each other by lowering prices. This leads to an ongoing battle where only the customer benefits, not the business
Designing a product with some unique features that distinguish it from similar products sold by competitors.
Brand Loyalty: A customers willingness to buy a product from a particular business rather than from its competitors
Market Share: The percentage of the total sales of a product in a market that is taken by one business in that market
A period of economic decline characterised by the fact that the economy has failed to grow for 6 consecutive months