1.4.3 - The Marketing mix Flashcards Preview

GCSE Edexcel - Business definations and equations > 1.4.3 - The Marketing mix > Flashcards

Flashcards in 1.4.3 - The Marketing mix Deck (8)
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1

What are the factors of the marketing mix?

- pRODUCT
-pRICING
-pROMOTION
-pLACE

2

Undercut:

Sell the same product for a lower price than competitors

3

Price War:

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

4

Product Differentiation:

Designing a product with some unique features that distinguish it from similar products sold by competitors.

5

Brand Loyalty:

Brand Loyalty: A customers willingness to buy a product from a particular business rather than from its competitors

6

Market Share:

Market Share: The percentage of the total sales of a product in a market that is taken by one business in that market

7

Recession:

A period of economic decline characterised by the fact that the economy has failed to grow for 6 consecutive months

8

Promotional Mix:

The combination of promotional activities that a business uses to make customers aware of a product, with the aim of increasing sales