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A niche market is a small segment of a bigger market. It is a specialist market with only a few suppliers catering for new or poorly served market sectors.

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Introduction; This is when the product first gets introduced to the market.

Growth; This is when the product has settled in the market and popularity has begun to grow.

Maturity; If successful, this is when the products sales increase. (usually due to advertisements etc)

Saturation; This is when the growth and sales balance out, and there may be a drop in sales

Decline; The decline of sales and no growth begins in this stage.

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Consumer Goods
These products are bought or used by consumers, such as consumer goods and producer goods
Producer Goods
These products are produced and used by businesses and individuals, such as machinery,vehicles and computers

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Channels of distribution (distribution mix)

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Channels of distribution (distribution mix)

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The channels used are chosen by several factors, including
The kind of goods involved;

The size of the market
Transport costs
Speed
Security
Distance
Cost

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Factors which effect the selling price of a product

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Factors which effect the selling price of a product

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Cost plus pricing
A firm adding profit onto the cost to increase profit for the firm

Penetration price
A firm undercutting a price of a product to the lower than one of another firm, reducing competition or gaining advantage.

Skimming price
A firm charging higher prices due to high demands. Increasing profit for a limited time or the time of high demand

Going rate/Market pricing
A firm changing their price to match those of another firm to get rid of their advantage, matching competitive price

Premium pricing
A high price being set on "premium" or higher quality products due to expectations or other matching prices

Sales pricing
Retailers reducing prices to help get rid of slow moving products

Loss leader pricing
Using cost prices to attract consumers, and inspiring impulse buying.

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Definition: Advertising is a method of showing a product,service or activity to a large audience. Eg. Billboards,posters,online ads,Newspapers,Magazines,Radio or Television.

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Definition: the action or activity of gathering information about consumers' needs and preferences.

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Definition: the action or business of promoting and selling products or services, including market research and advertising.

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A market plan is a plan that helps a firm determine and make future decisions, what direction the business should take and whether or not to develop a export market

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Field Research: is the collection of information outside a work environment. Eg. A biologist would collect samples through field research.

Desk Research: is a collection of information usually in the grounds of work. Information would be gained from material sources like books,newspapers,or mainly the internet.

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A plan can be made once a SWOT analysis has been made.

A plan helps a firm be prepared to cope with future tasks.

Having a market plan is a good image for a company,  especially for attracting potential investors.

A marketing plan helps maintain organisation among staff, and co-operation between departments

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Share:

A percentage of the business that has a monetary value can be bought and sold.

Promotion

Promotion involves communicating with customers about products or services to encourage them to buy

Advertising

Advertising is the paid form of publication of information regarding the firms goods or services through public platforms, like newspapers,radios and televisions etc.

Sales Promotion

Sales Promotion can be defined as the marketing techniques used on a temporary basis to make goods more attractive or appealing to a customers or consumer.

Public Relations

Public Relations to the planned and sustained effort to establish and maintain goodwill and mutual understanding between the business and the public.

Sponsorship

Sponsorship involves the provision of financial support by a business to another party involved in the organising or performance of a special event.

Personal selling

Personal selling occurs when the seller, or salesperson, tries to verbally persuade the customer to buy a product

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Leaving cert & Junior cert Exam Revision | Studyclix makes exams easier

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Leaving Cert and Junior Cert exam paper questions and marking schemes listed by topic. Studyclix makes exam revision and study easier

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A break-Even chart shows the level of output required to break even (B/E) which is Revenue = Costs

Margin of Safety is the excess amount of the projected or budgeted sales volume over the firm's break-even point