Marketing UA Revision (HBM)

Reducing prices will make the product more affordable and therefore appeal to more market segments

• Product

• Price

• Place

• Promotion

Making the product available in more places will mean it is seen by more potential customers e.g. using e-commerce will mean a product is sold worldwide

• Product

• Price

• Place

• Promotion

Changing the way the product is advertised can increase sales by simply raising awareness e.g. changing from newspaper advertising to radio advertising

• Product

• Price

• Place

• Promotion

Developing new varieties can mean the product appeals to the tastes and desires of different market segments. Updating the product can utilise the latest technology so make customers want the product again

• Product

• Price

• Place

• Promotion

Train staff well to deal with customers effectively. This enables staff to be informed of the expectations of the business when dealing with customers, such as being polite and helpful

• People

• Process

• Physical Evidence

Regularly assess queues or ordering times. This helps the business understand where problems lie and allows them to be addressed.

• People

• Process

• Physical Evidence

Making sure premises and vehicles are modern and clean. This ensures that customers' opinion of the business isn't ruined by old-fashioned or dirty shops, reception areas or delivery vans.

• People

• Process

• Physical Evidence

One advantage of having a product portfolio is that...

• There are high costs involved in research and developing so many products

• Businesses can spread the risk over different markets

• High marketing costs are incurred to promote so many products

• Bad publicity surrounding one product can affect the whole portfolio

One advantage of having a product portfolio is that...

• There are high costs involved in research and developing so many products

• High marketing costs are incurred to promote so many products

• A business can meet the needs of different market segments and appeal to more customers

• Bad publicity surrounding one product can affect the whole portfolio

One advantage of having a product portfolio is that...

• There are high costs involved in research and developing so many products

• High marketing costs are incurred to promote so many products

• Bad publicity surrounding one product can affect the whole portfolio

• Newer products can replace those at the end of their life cycle