Product - This is the actual item that is produced by the business and then sold in a market., Price - This is how much money a business charges the customer to buy the product., Place - This is the way the business makes the product available to the customer and where the product is sold., Promotion - This is how customers are told that the product exists and are encouraged in different ways to buy it., PriceSkimming - Setting a high price before other competitors come into the market, PenetrationPricing - Setting a very low price to gain as many sales as possible, CompetitivePricing - Setting a price based on competitors prices., MarketSegment - part of a market that contains a group of buyers with similar buying habits, Field - Type of Research - Gathering new information by carrying out surveys, interviews and observations., Desk - Type of research - Looking at existing information e.g. in newspapers, books and internet websites, FocusGroup - Method of Field Research - A discussion between selected people about a specific good or service., HallTest - Method of Field Research - Involves a product being given to customers to try and then asking for their feedback on it., Prototype - Product Development Stage - a model of the product might be created, Suitablepremises - Factor when considering a location - The business might need a certain size of shop or a shop with certain facilities, Road - Method of distribution that delivers direct to a customers door, Ecommerce - Buying products online., LoyaltyScheme - These can come in many different forms, money off after a certain number of products, build up points which can then be used to purchase items, SocialMedia - Used to interact with customers. Products can be advertised at any time to a wide range of customers worldwide., Apps - Can be used to provide customers with better access to a companies website, Billboards - Large signs, usually beside the road that contain a large poster.,

Marketing

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