IB BUsiness MAnagement:
Key Learning Outcomes:
There are too many specific learning outcomes for Topic 4.5 The Four Ps to outline all of them here.
The 4 Ps of The Marketing Mix is the largest single-section of the IB Business Management course and, as such, we are devoting an entire page to each element where the learning outcomes are separated out into sub-topics:
The Marketing Mix - The 4 Ps
Marketing mix: The key decisions that must be taken in the effective marketing of a product.
The Marketing Mix - SIVA
Marketing planning begins with market research to determine PRODUCT (Solution), PROMOTION (Information), PRICE (Value) and PLACE (Access). S.I.V.A.
The marketing mix is made up of seven interrelated decisions − the 7Ps. The four key ones are product, price, promotion (including advertising and packaging) and place (where and how a product will be sold to consumers).
The other 3Ps largely relate to marketing services – people, process and physical evidence.
The Marketing Mix:
Mind Map: Marketing Mix
Not all of the 7Ps have the same degree of significance in every case. It is vital that these elements fit together into a coherent and integrated plan. An appropriate marketing mix will ensure that these marketing decisions are interrelated. They must be carefully coordinated to make sure that customers are not confused by conflicting messages being given about the good or service being sold.
Coordinated marketing mix: Key marketing decisions complement each other and work together to give customers a consistent message about the product.
If just one part of the marketing is inconsistent or does not integrate with the rest, it may lead to the failure of even the best marketing plan. The most appropriate marketing mix decisions will therefore be:
The Marketing Mix explained
The Four Ps of the marketing mix
Examine each element of the marketing mix
Click or tap on the element of the marketing mix you would like to examine in more detail (we devote a whole page to each!).