Edexcel GCSE Business Topic 2.2 Making marketing decisions overview quiz quiz

Price, place and promotion to buyers

Product, profit and people involved

Function, aesthetics and cost

Quality, quantity and total cost

Introduction

Maturity

Decline

Growth

Extend the life of a product whose sales are falling

Close down a struggling business completely

Deliberately increase a business's annual tax bill

Remove a product from sale immediately and permanently

Setting a deliberately low price at launch to win market share quickly

Setting a high price at launch for a new product, lowered later

Always matching the prices charged by competitors

Selling at a loss permanently to drive out rivals

Charge the highest possible price to all early adopters at launch

Avoid selling the product to any customers at all

Win a large market share quickly with a low launch price

Set the country's official interest rate

A bank loan

A tariff

Job rotation

Sponsorship

So the business reaches customers where they pay attention, not wasting money

So that the business ends up paying much less tax to the government each year

So that the business can avoid having to make any product at all

So that the business never has to set a price for its product

Is always more expensive than TV adverts

Reaches the right customers at low cost

Cannot be measured

Reaches no one

Import tariffs and regional trade blocs

Company mergers and hostile takeovers

Retailers and e-tailers (e-commerce)

Job production and batch production

It removes the need for the business to have a product

It allows the business to avoid all of its costs

It sets the country's exchange rate

All four elements reinforce one consistent message

Stand out from rivals and often charge a higher price

Avoid having to attract any customers at all

Pay no wages whatsoever to its staff

Remove the need for any promotion of the product at all

Has absolutely no effect on any of the other elements of the mix

Forces changes in the other elements to keep the mix consistent

Makes the product completely free to all customers

Removes the need to set any price for the product