4.5 MARKETING MIX (7Ps) / IB BUSINESS MANAGEMENT / product, price, promotion, place, people, process

Introduction to the concept of product decisions including the classification of products based on tangibility and consumer types.

Explanation of the stages of a product life cycle including research and development, launch, growth, maturity, and decline.

Overview of product portfolio analysis including categorization into cash cows, dogs, stars, and question marks based on market share and growth.

Discussion on six common extension strategies to prolong the product life cycle including market development, redesigning, targeting new segments, price reduction, repackaging, and differentiation.

Explanation of the importance of branding in products and the aspects of brand development, brand loyalty, brand value, and brand awareness.

Overview of pricing strategies including cost-plus pricing, competitive pricing, loss leader pricing, and predatory pricing, along with factors influencing pricing decisions.

Explanation of promotional strategies such as above the line (ATL), below the line (BTL), and through the line (TTL) promotions, along with elements of promotional mix.

Discusses informing customers about the product, numerical advertising, and persuasive advertisement techniques like celebrity endorsements and emotional appeals.

Explores persuasive advertising, face-to-face selling, public relations, and sales promotions as part of the promotional mix.

Covers distribution channels, intermediaries, one-level and two-level distribution channels, and the importance of logistics.

Examines the role of employees, customer relationship management, cultural considerations, and the evolution of the role of people in the marketing mix.

Details the importance of standardizing service provision through processes like delivery, customer service, and payment methods.

Addresses the significance of tangible elements in service provision, such as the physical environment and equipment, in influencing customer experience and perceptions.

Summarizes the core concepts of marketing mix, emphasizing the key decisions related to product, price, promotion, place, people, processes, and physical evidence.