Page 418 - Cambridge IGCSE Business Studies

IGCSE Business Studies Student CD-ROM

12 Marketing mix: product and price

The marketing mix

Marketing mix

Marketing decisions
for the effective
marketing of a
product

Product Price Promotion Place

Develop a new Skimming pricing Advertising Channels of
product distribution
Change an existing
product for a new
market
‘Direct sales’
Penetration pricing Sales promotion Producer to
consumer

Producer to retailer
Competitive pricing Personal selling
to consumer

Producer to
Promotional pricing Direct mail wholesaler to retailer
to consumer

Producer to agent to
Cost-plus pricing Sponsorship wholesaler to retailer
to consumer

The product life cycle

Introduction
Find new markets for the
product
Growth
Stages of the product life Find new uses for the
cycle product
Maturity Extension strategies
Change product or its
packaging to improve its
appeal
Decline
Increased advertising or
other promotional activities

© Cambridge University Press 2014 IGCSE Business Studies Section 3 – Mind maps 5