- The costs and benefits of developing new products
- Brand Image
- The role of packaging
- Product Life Cycle
- How stages of the product life cycle can influence marketing decisions
- Benefits and limitations of different pricing methods
- Recommend and justify a pricing strategy
- Price Elasticity
The marketing mix is the combination of the 4ps: product, price, promotion and place. Now we will look at each part of the marketing mix individually, in detail. But it’s really important to remember that each one of the 4ps has to complement the complete marketing mix. Getting one part of the marketing mix wrong can ruin the entire marketing strategy. We will look at how the different parts of the marketing mix work together in the next section.
Product is the most obvious place to start. Promotion may persuade consumers to buy a product once, but if the product does not meet customers expectations they will not buy again. So having an effective product is the foundation of the marketing mix, it builds strong customer and brand loyalty.
|⭐⭐⭐Top Tip ⭐⭐⭐
It’s important to remember when we talk about products this also refers to services. So a bank account or holiday package is also called a “product”.