The elements of the marketing mix: price, product, promotion and place revision notes

Cost‑plus pricing sets a product’s price by adding a fixed margin to its total cost (fixed + variable).

A pricing method where a fixed percentage is added to the total cost of a product to determine its selling price.

Price elasticity of demand measures how much the quantity demanded of a product changes in response to a change in its price.

The quantity of a product that consumers are willing and able to purchase at each possible price over a given period.

The product life cycle describes the stages a product goes through from introduction to decline, including introduction, growth, maturity, and decline.

Product design is the process of creating a product’s appearance, functionality, and usability to meet the needs and preferences of the target market.

A feature or benefit that makes a product distinct from competitors.

The sequence of stages a product goes through from launch to withdrawal: introduction, growth, maturity, decline.

Adding new variants (e.g., colours, sizes, features) to an existing product range.

A strategic tool that categorises products into four quadrants based on market growth rate and relative market share.

A strategic tool that classifies a company’s products into four categories—Stars, Question Marks, Cash Cows, and Dogs—based on market growth and market share.

A short‑term incentive designed to stimulate immediate purchase or trial, such as coupons, discounts, or contests.

Public Relations: activities that build and maintain a positive image of a business with stakeholders.

The set of promotional tools a business uses to communicate with its target market, including advertising, sales promotion, public relations, personal selling and direct marketing.

Promotion is the set of activities that communicate the benefits of a product or service to the target market, aiming to inform, remind, persuade, and influence buying decisions.

A business that buys large quantities of goods from producers and sells them to retailers or other businesses.

A sequence of intermediaries or direct links that move a product from the producer to the end customer.

E‑commerce is the buying and selling of goods or services over the internet, typically through a website or online marketplace.

E‑commerce is the buying and selling of goods or services over the internet, typically through a website or online marketplace.

A strategy that aligns price, product, promotion and place to deliver a consistent value proposition.

The combination of product, price, promotion and place decisions that a business coordinates to deliver value to customers.

The marketing mix is the set of controllable, tactical tools—product, price, place, promotion—that a firm uses to achieve its marketing objectives.

The marketing mix is the set of controllable factors – price, product, promotion and place – that a business uses to influence customer demand.