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3.5.4 - The elements of the marketing mix GapFill
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Product, price, place and promotion are elements of the .
The simplest pricing method for a small dressmaker producing individual wedding dresses would be . However, a mobile phone manufacturer may use for its new handset which has features not provided by other phone manufacturers.
The product life cycle may be used to change pricing strategies. A high price may be charged when a product is at the stage but then reduced when the product reaches as an extension strategy, to encourage more sales.
Products can be differentiated from the competitors' products by a to encourage sales. Businesses need to be aware of the involved in developing new products, as well as the potential rewards. It is a good idea to have a broad and balanced as not all products will be successful at the same time.