Business AS Level

3.3.4 Making marketing decisions using the marketing mix

The elements of the marketing mix:

• People
• Place
• Price
• Promotion
• Process
• Physical Environment
• Product

The influences on and effects of changes in the elements of the marketing mix:

• effect on consumers should be evaluated to see how demand could change
• the effect on production/employees/industrial to see how costs could change
• changes within the elements could occur due to external factors such as competition

Product decisions:

- decisions about a product can be made using many different methods including...

• Product Portfolio- all the products or services offered by a business
• The Boston Matrix- the placement of a product within a market
• The Product Lifecycle- the stage of demand a product is in across its lifespan

Pricing Decisions:

• Penetration- price set low straight away to gain market share
• Skimming- price set high straight away to gain back startup costs
• Cost Plus- getting back the cost of…