??? is splitting the market for a product or service into different parts or segments., Market segmentation, ???: An important element in a number of different products, especially where style and technology work together., Design, ???: The introduction of a totally new product or service., Invention, ???: The improvement of an original idea, which will often involve using new processes., Innovation, ???: The life of a product, usually shown as a graph divided up into four stages: introduction, growth, maturity and decline., Product life cycle, ???: When a product or service is first on sale., Introduction, ???: When sales are growing strongly as the new product or service becomes known., Growth, ???: When sales are at their highest level., Maturity, ???: When sales are falling as the product or service is seen by customers to be old and they switch to new products or services., Decline, ???: Where a new product is more advanced than that of its competitors, a price is set high as consumers are willing to pay higher prices to own the newest technology. Also referred to as ‘creaming’., Skimming, ???: A pricing method that adds a percentage for profit to the total costs of making a product. This gives the selling price., Cost-plus pricing, ???: A price is set that is lower than those of competitors. Often used by new businesses to break into the market. It is a short-term strategy only., Penetration pricing, ???: Prices are reduced to give products a boost or to sell off old stock., Promotional pricing, ???: A price is set based on prices charged by competitors for a similar product., Competitor pricing, ???: a benefit the customer will receive when they buy the product., Point of sale promotion, ????: The distribution of a good or service using a physical presence such as a shop or office., Physical distribution, ???: The distribution of goods and services digitally by downloading from a website., Digital distribution
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2.4 Marketing Mix Drilling pt2
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