Unit 4.5 - The 7 P's of the Marketing Mix
What you need to know and understand:
- The following aspects of branding.
- Awareness
- Development
- Loyalty
- Value
- The importance of branding
- Price
- The appropriateness of the following pricing methods.
- Cost-plus (mark-up) pricing
- Penetration pricing
- Loss leader
- Predatory pricing
- Premium pricing
- Dynamic pricing [HL only]
- Competitive pricing [HL only]
- Contribution pricing [HL only]
- Price elasticity of demand [HL only]
- The appropriateness of the following pricing methods.
- Promotion
- The following aspects of promotion.
- Above the line promotion
- Below the line promotion
- Through the line promotion
- Social media marketing as a promotional strategy
- The following aspects of promotion.
- Place
- The importance of different types of distribution channels
- People
- The importance of employee–customer relationships in marketing a service and cultural variation in these relationships
- Processes
- The importance of delivery processes in marketing a service and changes in these processes
- Physical evidence
- The importance of tangible physical evidence in marketing a service
- The importance of tangible physical evidence in marketing a service
- Appropriate marketing mixes
- Appropriate marketing mixes for particular products or businesses
Conceptual Understandings:
- Social, cultural and technological change can impact the language and medium of marketing
- Creative ways of informing stakeholders can lead to positive business outcomes
- Ethical marketing practices can enhance a business’ brand image
- Sustainable marketing practices can be effective for business success
Questions to consider:
- Can companies know us better than we know ourselves?
- How might a company protect against sample error and bias when designing primary market research?
- Are there different criteria for ethical standards for online services compared to physical products?
- Are consumers rational?
- Are predictions in the human sciences inevitably unreliable?
- How might the language used in focus groups influence the conclusions that are reached?
- Are consumers too unpredictable to study scientifically?
- Is it possible to eliminate the effect of researcher bias when conducting market research?
- What impact has social media had on how consumers acquire and share knowledge of products?