Edexcel A Level Business Unit 1.3 Marketing Mix and Strategy 5 lesson BUNDLE

1.3.1
Product/service
design
a) Design mix:
o function
o aesthetics
o cost
b) Changes in the elements of the design mix to reflect
social trends:
o concern over resource depletion: designing for waste
minimisation, re-use and recycling
o ethical sourcing
1.3.2
Branding and
promotion
a) Types of promotion
b) Types of branding
c) The benefits of strong branding:
o added value
o ability to charge premium prices
o reduced price elasticity of demand
d) Ways to build a brand
o unique selling points (USPs)/differentiation
o advertising
o sponsorship
o the use of social media
e) Changes in branding and promotion to reflect social
trends:
o viral marketing
o social media
o emotional branding
1.3.3
Pricing strategies
a) Types of pricing strategy:
o cost plus (calculating mark-up on unit cost)
o price skimming
o penetration
o predatory
o competitive
o psychological
b) Factors that determine the most appropriate pricing
strategy for a particular situation:
o number of USPs/amount of differentiation
o price elasticity of demand
o level of competition in the business environment
o strength of brand
o stage in the product life cycle
o costs and the need to make a profit
c) Changes in pricing to reflect social trends:
o online sales
o price comparison sites
1.3.4
Distribution
a) Distribution channels
b) Changes in distribution to reflect social trends:
o online distribution
o changing from product to service
1.3.5
Marketing strategy
a) The product life cycle
b) Extension strategies:
o product
o promotion
c) Boston Matrix and the product portfolio
d) Marketing strategies appropriate for different types of
market:
o mass markets
o niche markets
o business to business (B2B) and business to
consumer (B2C) marketing
e) Consumer behaviour – how businesses develop
customer loyalty