The marketing mix and product
The marketing mix (4Ps)
| P | Question |
|---|---|
| product | what are we selling? |
| price | how much do we charge? |
| place | where do customers buy it? |
| promotion | how do we tell customers? |
- The four must work together (integration) — a high price needs high quality and image.
Practice
Which is one of the 4Ps of the marketing mix?
The 4Ps are product, price, place and promotion.
The product life cycle
- Four stages: introduction → growth → maturity → decline.
- In maturity, firms use extension strategies (new packaging, new uses, new markets) to keep sales up.
Practice
Order the product life cycle stages.
Sales rise from introduction through growth to maturity, then fall in decline.
Portfolio & branding
- The Boston Matrix sorts products by share and growth: stars, cash cows, question marks, dogs.
- Branding gives a recognisable name and image → loyalty, higher prices, easier launches.
Practice
Match each Boston Matrix product type.
Stars (high/high), cash cows (high/low), question marks (low/high), dogs (low/low).
You've got it
Key idea
- the 4Ps: product, price, place, promotion — must be integrated
- product life cycle: introduction → growth → maturity → decline (+ extension strategies)
- Boston Matrix: stars / cash cows / question marks / dogs; branding builds loyalty