Marketing

Marketing Mix (4Ps): Product, Price, Place, Promotion. PRODUCT: What business sells. Design, quality, features, branding, packaging. Product life cycle: development, introduction, growth, maturity, decline. PRICE: What customers pay. Strategies: cost-plus (add % to costs), competitive (match rivals), penetration (low to gain market), skimming (high for new/luxury), psychological (£9.99 not £10). Factors: costs, competition, demand, product stage. PLACE: Where/how product sold. Channels: direct (sell to customer), retail (shops), wholesale (bulk to retailers), online/e-commerce. PROMOTION: How make customers aware. Advertising (TV, social media, posters), sales promotion (discounts, BOGOF), personal selling, sponsorship, public relations. Target different customer segments with appropriate marketing mix.