4.3 The marketing mix

Product:

• development of a new product/service
• the difference between goods and services
• packaging and its importance
• product life cycle – main phases and extension strategies
• managing and reviewing the product portfolio (Boston matrix).

Price:

• the main pricing strategies and when they might be applied:
  • cost plus
  • penetration
  • competition
  • skimming
  • promotional.

Place – distribution channels:

• methods of distribution
  • retailers
  • e-tailers (e-commerce).

Promotion:

• promotion strategies for different market segments:
  • advertising
  • sponsorship
  • product trials
  • special offers
  • branding
• above the line and below the line promotion techniques
• public relations – improving company image/brand
• the use of technology in promotion:
  • targeted advertising online
  • viral advertising via social media
  • e-newsletters
• the importance of a brand.