3.3.4 Making marketing decisions: using the marketing mix

What are the 4 P's of the marketing mix?

Product, Price, Place, Promotion.

What factors should be considered when developing a product?

Quality, design, features, branding, packaging, and after-sales service.

What is the importance of pricing strategy?

It affects revenue, market positioning, demand, and competitiveness.

Name three pricing strategies.

Penetration pricing, skimming pricing, and competition-based pricing.

What is 'place' in the marketing mix?

The distribution channels used to deliver the product to consumers.

What are some common distribution channels?

Direct sales, wholesalers, retailers, and online platforms.

What role does promotion play in the marketing mix?

It informs, persuades, and reminds customers about a product or service.

What are the main promotional methods?

Advertising, sales promotions, public relations, and personal selling.

How can a business use the marketing mix to gain a competitive advantage?

By aligning the 4 P's to meet customer needs better than competitors.

What is the concept of 'product life cycle'?

The stages a product goes through from introduction to decline, influencing marketing strategies.