The elements of the marketing mix: price, product, promotion and place exam tips

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.

  This is actionable because it tells the student exactly how to connect Explain features and impacts of price skimming, price penetration, competitive pricing, loss leader and cost-plus pricing with commercial reasoning, financial evidence, stakeholder impact, and the boundary between stakeholder needs versus shareholder returns.

• 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..

  This keeps your answer tightly aligned to the exam specification point for Price.

• Price exam tip 1

  Use precise subject-specific vocabulary when you explain how to evaluate factors and assess suitable pricing methods for a given business..

  This keeps your answer tightly aligned to the exam specification point for Price.

• Price exam tip 1

  Use precise subject-specific vocabulary when you explain how to explain the basic relationship between price and demand..

  This keeps your answer tightly aligned to the exam specification point for Price.

• Product exam tip 1

  Use precise subject-specific vocabulary when you explain how to explain benefits and risks of developing new products..

  This keeps your answer tightly aligned to the exam specification point for Product.

• Product exam tip 1

  Use precise subject-specific vocabulary when you explain how to explain the importance of product design, image and target-market needs..

  This keeps your answer tightly aligned to the exam specification point for Product.

• Product exam tip 1

  Use precise subject-specific vocabulary when you explain how to explain product differentiation through unique selling point and brand image..

  This keeps your answer tightly aligned to the exam specification point for Product.

• Product exam tip 1

  Use precise subject-specific vocabulary when you explain how to explain the product life cycle and how demand may change over time..

  This keeps your answer tightly aligned to the exam specification point for Product.

• Product exam tip 1

  Use precise subject-specific vocabulary when you explain how to evaluate extension strategies and when they are suitable..

  This keeps your answer tightly aligned to the exam specification point for Product.

• Product exam tip 1

  Use precise subject-specific vocabulary when you explain how to explain how and why businesses broaden and balance product portfolios using the Boston Matrix..

  This keeps your answer tightly aligned to the exam specification point for Product.