What is the most flexible element of the marketing mix?
– the only element in the marketing mix that produces a revenue, all other represent costs. – one of the most flexible marketing mix elements.
Terms in this set (27)
- customer value based pricing.
- cost based pricing.
- competition based pricing.
What is the most flexible of the promotional methods?
The most flexible promotional method is personal selling.
Is defined as charging highest possible price buyers will pay?
Price skimmingis defined as charging highest possible price buyers will pay. Combination of a product’s price and quality attributes is known as value.
What is the product life cycle How does a product’s life cycle stage affect its marketing strategy?
A product’s life cycle is its progress from when it is created to when it is discontinued. There are four stages in the cycle, which are development, growth, maturity, and decline. The product life cycle helps business owners manage sales, determine prices, predict profitability, and compete with other businesses.
Why is price considered to be one of the most flexible elements of the marketing mix?
Why is price considered one of the most flexible elements of the marketing mix? Because unlike product features and channel commitments, prices can be changed quickly.
What is the first step in a value based pricing strategy?
The 4 critical steps of value based pricing
- Identify the advantages of your product from the customers perspective.
- Estimate the value of the advantages.
- Set the price so that the value of the advanteges exceeds the price.
- Repeat 1-3 for different customer segments.
What are the 5 promotional tools?
There are five (sometimes six) main aspects of a promotional mix: Advertising, Personal selling, Sales promotion, Public relations, and Direct marketing.
What are the 4 types of promotion?
These are personal selling, advertising, sales promotion, direct marketing publicity and may also include event marketing, exhibitions, and trade shows.
What is promotion mix and its elements?
Some of the most important elements used in promotion are as follows : advertising, sales promotion, personal selling and public relation! The promotion element of marketing mix is concerned with activities that are undertaken to communicate with customers and distribution channels to enhance the sales of the firm.
What is product life cycle with example?
The product life cycle is the course of the life of a product from when the product is in development to after it has been removed from the market. This process happens continually – taking products from their beginning introduction stages all the way through their decline and eventual retirement. …
What is product life cycle strategy?
Guide. The product life cycle contains four distinct stages: introduction, growth, maturity and decline. Each stage is associated with changes in the product’s marketing position. You can use various marketing strategies in each stage to try to prolong the life cycle of your products.