3.3.1 Product:
• The costs and benefits of developing new products
• Brand image; impact on sales and customer loyalty
• The role of packaging
• The product life cycle: main stages and extension strategies; draw and interpret a product life cycle diagram
• How stages of the product life cycle can influence marketing decisions, e.g. promotion and pricing decisions
3.3.2 Price:
• Pricing methods (benefits and limitations of different methods), e.g. cost plus, competitive, penetration, skimming, and promotional
• Recommend and justify an appropriate pricing method in given circumstances
• Understand the significance of price elasticity: difference between price elastic demand and price inelastic demand; importance of the concept in pricing decisions (knowledge of the formula and calculations of PED will not be assessed
*Unit 3 review
sample questions and answers
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