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Marketing Mix and Strategy

Marketing strategy

  • 7 things to know
  • Paper 1 and Paper 3

Overview

The stages of the product life cycle and the extension strategies that prolong it, the Boston Matrix and a balanced portfolio, mass against niche marketing, business-to-business against business-to-consumer marketing, and building customer loyalty.

What you need to know

Answer each one before you reveal it.

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Process

Describe the introduction and decline stages of the product life cycle.

Process

Describe the growth and maturity stages of the product life cycle.

Key term

What are stars in the Boston Matrix?

Key term

What are question marks and cash cows in the Boston Matrix?

Evaluation

Why does a business need a balanced product portfolio?

Key term

Define business to consumer (B2C) marketing.

Evaluation

State four benefits that loyal customers provide to a business.

Questions from this subtopic

Each one with the model answer underneath.

  1. 1

    Name the four stages of the product life cycle in order.

    Model answer

    Introduction, growth, maturity, and decline.

  2. 2

    Which stage of the product life cycle comes first, when a product is newly launched?

    Model answer

    Introduction.

  3. 3

    What is the second stage of the product life cycle, characterised by rapidly increasing sales?

    Model answer

    Growth.

  4. 4

    At which stage of the product life cycle do sales peak and stabilise?

    Model answer

    Maturity.

  5. 5

    What is the final stage of the product life cycle, when sales begin to fall?

    Model answer

    Decline.

  6. 6

    Describe the typical sales, costs, and profit characteristics during the introduction stage of the product life cycle.

    Model answer

    Sales are low, costs are high, and profits are typically negative due to heavy investment in promotion and distribution.

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Meeting Customer Needs
The Market
Marketing Mix and Strategy
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Net gain = − initial cost.
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AGross profit equals revenue minus cost of sales.
BOperating profit equals gross profit minus operating expenses.
CNet profit equals operating profit minus interest and taxation.

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Tariff means a tax imposed on imported goods.
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