4.5 The seven Ps of the marketing mix

• 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 flow

• Apply branding awareness, development, loyalty, and value

• Analyse the importance of branding

• Branding affects recognition, trust, differentiation, loyalty, and pricing power

• 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 cycle

• 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 conditions

• Apply above the line, below the line, and through the line promotion

• Evaluate social media marketing as a promotional strategy

• Evaluate importance of different distribution channels

• Distribution channel choice affects reach, control, cost, convenience, and customer experience

• 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 satisfaction

• Evaluate importance of delivery processes in marketing a service and changes in these processes

• Processes affect consistency, efficiency, service quality, and customer experience

• Evaluate importance of tangible physical evidence in marketing a service

• Physical evidence supports customer confidence when services are intangible

• Evaluate appropriate marketing mixes for particular products or businesses

• Effective marketing mixes align with target market, positioning, objectives, competition, and resources