Marketing mix
Introduced| English | Meaning |
|---|---|
| marketing mix/ˈmɑːkɪtɪŋ mɪks/ | The coordinated choices used to market a product, commonly including product, price, place and promotion. |
| target market/ˈtɑːɡɪt ˈmɑːkɪt/ | The particular group of customers a business aims to serve with a product or marketing campaign. |
| product life cycle/ˈprɒdʌkt laɪf ˈsaɪkl/ | The stages a product passes through from introduction and growth to maturity and decline. |
| introduction/ˌɪntrəˈdʌkʃn/ | The first stage of a product's life cycle after it is launched onto the market. |
| growth/ɡrəʊθ/ | An increase in a business's size or scale, measured using indicators such as sales, output or employment. |
| maturity/məˈtʃʊərɪti/ | The product-life-cycle stage in which sales growth slows and the product has an established market. |
| decline/dɪˈklaɪn/ | The product-life-cycle stage in which sales fall over time. |
| penetration/ˌpenɪˈtreɪʃn/ | Setting a relatively low initial price to attract customers and build market share. |
| skimming/ˈskɪmɪŋ/ | Setting a relatively high initial price for a new product before lowering it to reach additional customers. |
| extension strategies/ekˈstenʃn ˈstrætədʒiz/ | Actions intended to prolong a product's market life, such as changing its features, promotion or target customers. |
The four ingredients of marketing
- A great product at the wrong price, or sold in the wrong place, still fails.
- The marketing mix 营销组合 — the 4 Ps — has to get everything right together.
Which are the 4 Ps of the marketing mix? (Select all that apply.)
Difficulty 2/5 · 140 coins + a small bonus on first completion today
The 4 Ps are Product, Price, Place and Promotion — not Profit.
Where and how a product is sold and distributed is the ______ element of the mix.
Difficulty 1/5 · 100 coins + a small bonus on first completion today
Place covers the distribution channel.
The 4 Ps
- Product: what you sell. Price: what you charge.
- Place: where and how you sell it. Promotion: how you tell people.
- They must work together and suit the target market 目标市场.
The marketing mix combines the four Ps — product, price, place and promotion — into one strategy
Advertising on giant screens: promotion is part of the marketing mix
The marketing mix (4 Ps)
The marketing mix is the four decisions a business blends to sell a product well.
Put the product life cycle stages in order.
Difficulty 3/5 · 200 coins + a small bonus on first completion today
Sales rise through introduction and growth, peak at maturity, then decline.
The product life cycle 产品生命周期
- Most products pass through introduction 引入期 → growth 增长 → maturity 成熟期 → decline 衰退期.
- Sales and the right marketing differ at each stage.
A product's sales rise, peak at maturity, then fall — unless extended.
Setting a low price to win market share quickly is:
Difficulty 1/5 · 100 coins + a small bonus on first completion today
Penetration pricing uses a low price to gain share.
An extension strategy aims to prolong the life of a product.
Difficulty 1/5 · 100 coins + a small bonus on first completion today
Extension strategies delay the decline stage.
Pricing and promotion methods
- Pricing: cost-plus, penetration 渗透定价 (low to win share), skimming 撇脂定价 (high at launch), competitive.
- Promotion: advertising, sales promotions (offers), and now heavily social media.
- Extension strategies 延长策略 (restyling, new uses) prolong a product's life.
The 4 Ps must match each other. A luxury product needs a high price, exclusive shops and classy promotion. Cutting the price but keeping luxury promotion sends a confused message.
You've got it
- the marketing mix = Product, Price, Place, Promotion (the 4 Ps), working together
- products pass through introduction → growth → maturity → decline
- pricing (penetration, skimming), promotion and extension strategies keep sales alive