IGCSE Business Revision: Market Mix (4Ps) / Strategy

These flashcards cover key concepts related to the Market Mix and strategies for the IGCSE Business curriculum.

Marketing Mix

The four key decisions related to product, price, promotion, and place that a business must take to market products effectively.

Product Life Cycle

The process a product goes through from introduction, growth, maturity, to decline.

Extension Strategies

Techniques used by businesses to extend the life of a product beyond its natural life cycle.

Pricing Methods

Various strategies businesses use to set their product prices, including skimming, penetration, competitive, dynamic, and cost-plus pricing.

Skimming Pricing

Setting a high price for a new product initially and gradually lowering it to ensure ongoing sales.

Penetration Pricing

Setting a low price for a new product to attract a large number of customers quickly.

Competitive Pricing

Setting a product's price based on what competitors are charging.

E-commerce

The buying and selling of goods and services over the internet.

Direct Selling

The business sells its products directly to customers without intermediaries.

Sales Promotion

Incentives used to encourage short-term increases in sales or repeat purchases.

Brand Image

The name, logo, or identity of a product that distinguishes it from competitors.

Packaging

The physical container or wrapping for a product that serves multiple roles including attracting customers and providing information.

Legal Controls

Laws designed to protect consumers from unfair or unsafe business practices that influence marketing strategy.

Market Research

The process of gathering information about consumers' needs and preferences.

Customer Loyalty

The tendency of customers to continually purchase from a specific brand over time.

Distribution Channels

The paths through which products pass from the manufacturer to the consumer.