3.5.4 The elements of the marketing mix: price, product, promotion and place (4Ps)
Pricing methods, including:
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You should have an understanding of the main features of pricing methods and the impact they will have on a business.
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The factors that influence pricing decisions, including:
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You should be able to recognise the factors, internal and external, which might influence the pricing decision, particularly as businesses grow and expand.
You should be able to evaluate the factors and use them to assess the suitability of pricing methods for a given business. You should have an understanding of the basic relationship between price and demand ie as prices rise demand is likely to fall. |
Product
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You should understand the benefits and risks of developing new products and the importance of product design, image and the needs of the target market when designing new products.
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Product differentiation:
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You should appreciate the significance of having a USP in a competitive market and the importance of a good brand image
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The product life cycle:
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You should have an understanding of the product life cycle and demonstrate how demand for a product or service might change over time and be able to evaluate the effectiveness of extension strategies and when they would be suitable.
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Product portfolio
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You should understand how and why businesses might broaden and balance their product portfolio using the Boston Matrix.
You should be able to identify and explain the four categories of the Boston Box. |
Promotional methods:
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You should be familiar with the promotional methods which are likely to be used by a given business.
You should appreciate the benefits and drawbacks of promotional methods used by businesses. You should be able to analyse factors influencing the selection of the promotion mix to assess their suitability for a given business. |
Place (the different channels of distribution used by businesses):
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You should be familiar with the different channels of distribution used by businesses to gain access to potential customers.
You should be able to analyse the appropriateness of each distribution method for a given scenario. |
E-commerce and m-commerce
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You should be able to analyse the growing importance of e-commerce and m-commerce and how it can extend the reach of businesses to include international markets.
You should be able to identify the benefits and drawbacks of a business using e-commerce and m-commerce. |
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You should be aware of the importance of the four elements and how they work together.
You should be able to recommend appropriate marketing activities for a given business. You should be able to recognise how the marketing mix evolves over time and evaluate how businesses may react to this. |
Pricing new products - Graveyard Hang,man - Pricing strategies
Pricing of Bananas - Re-cap quiz on pricing - Article
Driverless cars - The Wand Company - Evan Davis marketing mess up - Apple - Evan Davis marketing mess up - Sunny Delight - Story of the Mini - Junior Apprentice - Guess the Logo - Building a brand - Five most valuable global brands - Branding in restaurants
Tutur2U Product Life Cycle - BBC Bitesize Product Life Cycle - Name the stages of the Product Life Cycla diagram - Product differentiation - Boston Matrix - BBC Bitesize re-cap on product - BBC Bitesize video on packaging - McDonald's radio advert - Weetabix radio advert
John Lewis Christmas Advert
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Skoda
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Skoda Different Approach
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Advertising online
Kit Kat
Tylenol
Miele
BBC Bitesize market stall - Promotion on cereals - Tutor2U sales promotions - cadbury vouchers
BBC Bitesize on 'place' - Place quiz - Alibaba
Market Planning
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E-Commerce & M-Commerce
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E & M Commerce in India
Marketing strategy of a storage company - McCain - Marketing strategy of a hairdressers
Old Cell Phone Commercial
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I-Phone 7 Trailer
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Old Computer Advert
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HP Spectre Advert
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Coca Cola 2016
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