Marketing Mix (1)
What are the 4Ps?
Product, Price, Place, Promotion
What is another word for Place?
Distribution (How a business gets its products to customers)
What does limited liability mean?
The owner of a business does not have to pay the debts of the company
Define Franchise
Selling the rights to use a business idea & methods in a specific location or area
Which house won Year 10 Football yesterday?
Hampton!
What are two factors that influence business location?
- Labour (Workers)
- Materials
- Market
- Competitors
What are two ways that technology has changed Promotion?
Smartphones
Smartphone Apps
Online shopping
Faster internet
GPS
Automated sales process (online payment
What is one advantage of unlimited liability?
- Lower setting up costs
- May be easier to borrow money
What are two benefits of a business plan?
- Easier to raise funds (capital)
- Forces you to think about what you want to accomplish
- Can provide a roadmap/goals you need to reach on the way
- Can see what skills you lack
Which two of the following are not examples of promotion?
⬜A A competitive pricing strategy at Apple
⬜B A social media campaign to grow interest in a brand
⬜C A small advert in the local newspaper
⬜D A feature on a smartphone that is different to a competitor
⬜E A logo design that stands out from the competition
⬜A A competitive pricing strategy at Apple
⬜D A feature on a smartphone that is different to a competitor
What do X and Y stand for?
Manufacturer -- X -- Retailer -- Y
X - Wholesaler
Y - Customer
What do Ltd & Plc stand for?
Ltd - Private Limited Company
Plc - Public Limited Company
What are three parts of a business plan?
The Business Idea
Business Aims & Objectives
Target Market
Marketing Plan
Forecast, Revenue, Costs & Profit
Cash Flow Forecast
Sources of Finance
Location
Marketing Mix
What are the three ways companies can differentiate themselves using Price?
- Luxury
- Mid Range
- Budget
What are two negatives of physical stores?
- Rent
- Storage Space
- Opening Hours
- Can't reach people all over the world
What are 3 disadvantages of working in a partnership?
Unlimited liability
It may be difficult to agree on a deed of partnership
The profits must be shared
There may be disagreements
Difficult to secure credit (bank loan, trade credit etc.)
What are two pros of joining a franchise?
Group advertising
Market research
Less competition as territories are divided up
Well known brand name and reputation