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Unit 3 P

In: Business and Management

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For the purpose of this presentation, I have chosen to use Apple Inc and Tesco PLC as case studies.

During this presentation, I will explain what marketing is as well as how it can affect Apple and Tesco so that I can work towards the P1 of Unit 3 in Business Studies which is called 'Marketing'.

Pricing Strategies
Firms think very carefully about the price to charge for their products. There are a number of factors to take into account when reaching a pricing decision:
Customers - Competitors - Costs.

There are times when businesses are willing to set the price of a product below unit cost. They use this loss leader strategy to gain sales and market share.

An example of the 'loss leader' strategy is the 'Bugatti Veyron' supercar. The car is made by the VW group and uses 1000 BHP to reach speeds of up to 253 mph. The car sells for around £1 million. The technology used in the car is so advanced that the VW group spend approxiamately £7.5 million on building just one car netting them an estimated loss of £6.25 million on each car they sell.

Pricing New Products
A business can choose between two pricing tactics when launching a new product:

- Penetration pricing means setting a relatively low price to boost sales. It is often used when a new product is launched, or if the firm’s main objective is growth.

- Price skimming means setting a relatively high price to boost profits. It is often used by well-known businesses launching new, high quality, premium products.

What is meant by 'place' in marketing?
Place is the point where products or services are made available to customers. A business has to decide on the most cost-effective way to make their products easily available to customers.

This involves selecting the best channel of distribution. Potential methods include using:

Retailers.
Wholesaler.…...

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