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The elements of the marketing mix: price, product, promotion and place
Study pricing, product decisions, promotion, place, e-commerce and the integrated marketing mix.
23
Objectives
10
Flashcards
10
Questions
90 min
Study time
AqaGcseBusinessMarketing
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Syllabus checklist
What you need to know
23 objective pages available
Price4 objectives
- Explain features and impacts of price skimming, price penetration, competitive pricing, loss leader and cost-plus pricing.
- Explain factors influencing pricing decisions, including costs, market nature, competition and product life cycle.
- Evaluate factors and assess suitable pricing methods for a given business.
- Explain the basic relationship between price and demand.
Product7 objectives
- Explain benefits and risks of developing new products.
- Explain the importance of product design, image and target-market needs.
- Explain product differentiation through unique selling point and brand image.
- Explain the product life cycle and how demand may change over time.
- Evaluate extension strategies and when they are suitable.
- Explain how and why businesses broaden and balance product portfolios using the Boston Matrix.
- Identify and explain the four categories of the Boston Box.
Promotion4 objectives
- Explain promotional methods likely to be used by a given business, including advertising, PR, sales promotion, sponsorship and social media.
- Explain benefits and drawbacks of promotional methods.
- Analyse factors influencing selection of the promotional mix, including finance, competitor actions, product or service nature, market nature and target market.
- Explain reasons for promotion, including informing, reminding, increasing sales, changing image and persuading customers.
Place and digital channels4 objectives
- Explain channels of distribution used by businesses, including retailers, wholesalers and telesales.
- Analyse the appropriateness of distribution methods for a given scenario.
- Analyse the growing importance of e-commerce and m-commerce in extending business reach to international markets.
- Identify benefits and drawbacks of using e-commerce and m-commerce.
Integrated marketing mix4 objectives
- Explain why the four elements of the marketing mix must work together.
- Recommend appropriate marketing activities for a given business.
- Explain how the marketing mix evolves over time.
- Evaluate how businesses may react to changes in the marketing mix.
Key terms
price penetrationprice skimmingfactorsinfluencingevaluatedemandExplainproductdesignbrand imageproduct life cycleextension
Exam tips
- Compare evidence for Price: Compare the scenario evidence before evaluating cost-plus, competitive pricing, loss leader, price skimming: mention StyleHub, refer to labour productivity or ?10,912, and explain the effect on the marketing manager.
- Price exam tip 1: Use precise subject-specific vocabulary when you explain how to explain factors influencing pricing decisions, including costs, market nature, competition and product life cycle..
Common mistakes
- Price common mistake 1: Answer by clearly explaining how to explain features and impacts of price skimming, price penetration, competitive pricing, loss leader and cost-plus pricing..
- Price common mistake 1: Answer by clearly explaining how to explain factors influencing pricing decisions, including costs, market nature, competition and product life cycle..
Practice preview
- RiverRun Catering serves tourists while improving quality control; the case evidence includes average order value of ?9,525, sales of 760 units, and a 12% change in costs or demand. Which option best applies Explain features and impacts of price skimming, price penetration, competitive pricing, loss leader and cost-plus pricing?
- PeakPods serves online shoppers while training staff; the case evidence includes customer retention of ?9,610, sales of 210 units, and a 11% change in costs or demand. Which option best applies Explain features and impacts of price skimming, price penetration, competitive pricing, loss leader and cost-plus pricing?
- QuickFix Repairs serves business clients while changing promotion; the case evidence includes supplier lead time of ?4,184, sales of 274 units, and a 23% change in costs or demand. Which option best applies Explain features and impacts of price skimming, price penetration, competitive pricing, loss leader and cost-plus pricing?
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