4.5 The four Ps (product, price, promotion, place)
By the end of this chapter, you should be able to:
➔ draw a product life cycle and identify its various stages
➔ analyse the relationship between the product life cycle and the
marketing mix
➔ examine and recommend various extension strategies that could be used by firms
➔ comment on the relationship between the product life cycle,
investment, profit and cash flow
➔ evaluate an organization’s products using the Boston Consulting
Group (BCG) Matrix.
➔ explain aspects of branding
➔ discuss the importance of branding
➔ examine the importance of packaging
➔ justify the appropriateness of using particular pricing strategies
➔ evaluate the impact of new technology on promotional strategies
➔ discuss guerrilla marketing and its effectiveness as an innovative
promotional method
➔ comment on the importance of place in the marketing mix
➔ examine the effectiveness of different types of distribution channel