Elements of marketing mix

• 5 Ps

  • Product
  • Place
  • Packaging
  • Promotion
  • Price
• The marketing mix refers to all the activities influencing a customer whether to buy a product or not. (The 5 Ps)
• A product portfolio is the collection of products that a firm produces
• The Boston Matrix is a way of analysing a product's share and growth in their market
• The Boston Matrix

  Star

  • high market share
  • high market growth

  Cash cow

  • high market share
  • low market growth

  Dogs

  • low market share
  • low market growth

  Question marks

  • low market share
  • high market growth
• The product life cycle shows how the sales of a product may change over time
• Price skimming is setting a high price for a product when it first enters a market.

  • High demand
  • Eg. PS5 (lots of people want it)
• Penetration pricing is launching a new product at a low price to achieve fast sales.
• Competitive pricing is matching the prices that a competitot charges
• A loss leader is a product sold at a loss in hope that a customer will buy other items from the business so that it makes a profit
• Cost plus pricing is where products are priced by covering the cost of it to the retailer and adding a percentage on top