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.)
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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.
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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.
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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:
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Penetration pricing uses a low price to gain share.
An extension strategy is used to end a product's life as quickly as possible.
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False. An extension strategy aims to prolong a product's life, for example with new features, packaging or markets, delaying 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
Write from a luxury bag priced at 20
- A bag is promoted as exclusive and luxury, but its price is 20.
- The low price clashes with the luxury promotion. The 4 Ps have to match.
A bag is advertised as an exclusive luxury product, but it is priced at 20. What is wrong with this marketing mix?
Product, price, place and promotion should tell the same story. A mismatch makes the offer hard to believe.
Why does this marketing mix fail?
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The promotion says luxury while the price says cheap. Those two parts of the mix contradict each other.