What you’ll learn10 learning objectivesChoose one objective for a focused lesson, or study the complete topic.4.5.1Product• Analyse the relationship between product life cycle, product portfolio, and marketing mix• Evaluate extension strategies• Analyse the relationship between product life cycle, investment, profit, and cash flowSyllabus objective4.5.2Branding• Apply branding awareness, development, loyalty, and value• Analyse the importance of branding• Branding affects recognition, trust, differentiation, loyalty, and pricing powerSyllabus objective4.5.3Pricing methods• Evaluate cost-plus or mark-up pricing, penetration pricing, loss leader, predatory pricing, and premium pricing• Pricing method suitability depends on objectives, costs, competition, demand, positioning, and product life cycleSyllabus objective4.5.4(HL)—HL pricing methods• Evaluate dynamic pricing, competitive pricing, contribution pricing, and price elasticity of demand• HL pricing methods require deeper analysis of responsiveness, contribution, competitors, and changing market conditionsSyllabus objective4.5.5Promotion• Apply above the line, below the line, and through the line promotion• Evaluate social media marketing as a promotional strategySyllabus objective4.5.6Place• Evaluate importance of different distribution channels• Distribution channel choice affects reach, control, cost, convenience, and customer experienceSyllabus objective4.5.7People• Evaluate importance of employee-customer relationships in marketing a service and cultural variation in these relationships• People shape service quality, brand image, trust, and customer satisfactionSyllabus objective4.5.8Processes• Evaluate importance of delivery processes in marketing a service and changes in these processes• Processes affect consistency, efficiency, service quality, and customer experienceSyllabus objective4.5.9Physical evidence• Evaluate importance of tangible physical evidence in marketing a service• Physical evidence supports customer confidence when services are intangibleSyllabus objective4.5.10Appropriate marketing mixes• Evaluate appropriate marketing mixes for particular products or businesses• Effective marketing mixes align with target market, positioning, objectives, competition, and resourcesSyllabus objective
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