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Marketing Mix - Coggle Diagram
Marketing Mix
Create a Marketing Mix for a Product of Your Choice-
Example: “EcoSip” – Reusable Stainless Steel Water Bottle
Element Description
Product Durable, eco-friendly, available in multiple colours and sizes
Price €25 – mid-range pricing strategy
Place Sold online, in sports stores, and eco-friendly shops
Promotion Social media ads, influencer marketing, discounts for referrals, environmental campaign sponsorship
Draw and Label a Product Life Cycle
Stages:-
Introduction – Product launched, high marketing costs, low sales
Growth – Sales rise rapidly, brand awareness increases
Maturity – Sales peak, competition increases, profits stabilise
Saturation – Market full, little new demand
Decline – Sales fall, product may be withdrawn or rebranded
(Draw as a curve with Sales on the Y-axis and Time on the X-axis, labeling each stage.)
Outline a Range of Factors That Impact the Selling Price-
Cost of production – Higher costs = higher prices
Competitors’ prices – Must stay competitive
Consumer demand – High demand may allow higher prices
Target market – Income levels and willingness to pay
Economic conditions – Inflation, interest rates
Government taxes or regulations
Outline the Various Elements of the Promotion Mix-
Advertising – Paid messages to inform/persuade customers
Sales Promotion – Short-term incentives (discounts, samples)
Public Relations (PR) – Building positive public image
Personal Selling – Sales representatives persuading customers
Direct Marketing – Emails, catalogues, texts to specific customers
Sponsorship – Supporting events or teams for publicity
Identify Different Types of Advertising Media-
Television – Wide audience reach
Radio – Local reach, lower cost
Print – Newspapers, magazines
Outdoor – Billboards, bus shelters
Digital/Social Media – Instagram, TikTok, YouTube
Cinema – Targeted, captive audience
Define the Term Marketing-
Meaning: The process of identifying, anticipating, and satisfying customer needs profitably.
Key points:
Focuses on customers’ needs and wants
Involves research, product development, pricing, promotion, and distribution
Aims to build customer relationships and brand loyalty
Explain the Concept of Target Markets-
Definition: A specific group of consumers a business aims its products and marketing efforts at.
Key features:
Identified through market segmentation (by age, gender, income, lifestyle, etc.)
Enables focused marketing and better resource use
Leads to more effective advertising and product design
Appreciate the Powerful Influence Marketing Has on Consumers-
Shapes tastes, trends, and lifestyles
Creates brand loyalty and emotional connection
Encourages impulse buying
Can lead to social pressure and consumerism
Also informs consumers and helps them make better choices
Illustrate Understanding of the Marketing Mix (4Ps)-
Product: The good or service offered to satisfy customer needs
Price: The amount customers pay; must reflect value and competition
Place: How the product reaches the customer (distribution channels)
Promotion: How customers are informed and persuaded to buy