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Unformatted text preview: Business Test 3 Introductory- product is brought into market; lost of advertising Growth- product market share gets large; profit start to increase; competition arises Maturity- product peaks in sales; more sales then before; not as high profit because of competition Decline- sales fall and product demand changes; lost interest in product Marketing Mix 4 Ps: Product Place Price Promotion Convenience Products- products make a consumers life easier. Buy these products often and not a big choice Shopping Goods- consumers will shop around for itemtv, car, etc. Want best deal. Specialty Products- Consumers wont shop around; rare and hard to find.tiffanys, fireworks Penetration Pricing- use in competitive markets; price is set low to get lots of sales and customers. Then slowly raise price once they have costumer loyalty. Skimming Pricing- price is set at high price and the price can be lowered slowly to increase demand Value Pricing- gives consumers something else to go along with the product; selling 8 hot dogs...
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- Spring '10