This lesson covers:
- The 4 Ps of marketing and their importance
- Product
- Design, invention, innovation
- Product stages of the lifecycle
- Introduction, growth, maturity, decline
- Pricing methods
- Skimming, cost-plus, penetration, competitor, promotional
- Promotion – point of sale
- Price reductions, loss leaders, competitions, free samples
- Promotion - advertising
- Social media, websites, print media, television, radio
- Place – distribution of products and services
- Digital and physical distribution channels
- How the 4 Ps of the marketing mix work together
- The use of the marketing mix to inform and implement business decisions
- Interpretation of market data
- Changes in demand
- target market and market share
- changes in product
- effects of promotion
This lesson is written by Sarah Hilton at Revisionstation
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