Marketin Principles

2120 Words9 Pages
Marketing Principles By Marc Libertine Bringas CONTENTS (1) Gaining a competitive advantage P3 (2) The product life cycle P4 (3) Distribution options to increase convenience for customers P5 (4) How you can set your prices in line with different market conditions P5 (5) Promotional activities for ‘Beauty not expensive’ P6 (6) Additional elements of the extended marketing mix P7 (7) The difference between consumer markets and organisational markets P8 (8) What is service? P8 (9) Cultural differences P8 References P10 Report for Mrs. Rice (1) Gaining a competitive advantage A competitive advantage is an advantage over other competitors in the market by being the…show more content…
The different stages will affect the marketing mix. The marketing mix is often referred to as the 4 P’s which product, place, price and promotion. * Product – what are you selling? * Price – the value of the goods and service to consumers. * Place – where the product or service is being sold. * Promotion – How the business is being advertised to attract consumers. An example of how the product life cycle will affect the marketing mix: E.g. during the introduction of the product you may need to consider different promotion techniques in order to hook in your first customers. During the growth phase you should play safe with the prices, starting low and once you begin to get into the maturity phase you can start playing around with the prices of your services, maybe set slightly higher prices, since you have a solid customer base (not too much that they would end up leaving). At the time of decline, you my start to ask if the products to provide should be stopped or improved as sales figures show that your product is no longer in demand. (3) Distribution options to increase convenience for customers There are many ways to increase convenience for customers. One way of doing so is introducing a booking system, where customers can only get a haircut if they have booked an appointment or there is not current appointment taking place. This makes sure that no

More about Marketin Principles

Open Document