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Marketing mix
Understand the advantages and disadvantages of creating new products, the influence of brand image on sales and customer loyalty, the importance of packaging, and the stages of the product life cycle along with strategies for extending it. Be able to illustrate and analyze a product life cycle diagram and discuss how its stages affect marketing choices such as promotion and pricing.
5
Objectives
50
Flashcards
35
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90 min
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CambridgeIGCSEBusiness StudiesSubject content
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Marketing mix outcomes5 objectives
- Understand the advantages and disadvantages of creating new products, the influence of brand image on sales and customer loyalty, the importance of packaging, and the stages of the product life cycle along with strategies for extending it. Be able to illustrate and analyze a product life cycle diagram and discuss how its stages affect marketing choices such as promotion and pricing.
- Learn about various pricing strategies, including their benefits and drawbacks, such as cost-plus, competitive, penetration, skimming, and promotional pricing. Be prepared to recommend and justify a suitable pricing strategy based on specific scenarios, and grasp the concept of price elasticity, distinguishing between price elastic and inelastic demand, and its relevance in pricing decisions, though detailed calculations will not be required.
- Examine the pros and cons of various distribution channels, including wholesalers, retailers, and direct sales to consumers. Be able to recommend and justify the most suitable distribution channel for particular situations.
- Explore the objectives of promotion and the different promotional methods available, such as advertising and sales promotions, and how these methods can affect sales. Understand the importance of being cost-effective when allocating the marketing budget for promotional activities.
- Define and clarify the concept of e-commerce, including its potential benefits and risks for businesses and consumers. Discuss how the internet and social media can be utilized for promotional purposes.
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