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IB Diploma · Business Studies · Chapter 26
Ch 26 4.5 The seven Ps of the marketing mix: complete notes
Neat, exam-ready notebook-style notes for Ch 26 4.5 The seven Ps of the marketing mix, following the IB Diploma syllabus, SL and HL. This chapter is part of the complete Business Management Notes for IB Diploma Students (SL and HL): All 36 Topics.
Free preview: Ch 26 4.5 The seven Ps of the marketing mix notes
A quick look at the chapter from our IB Diploma Business Studies notes. The full chapter notes have the detailed explanations, diagrams and practice questions with answers.
Topics in this chapter
- What you must be able to do
- The marketing mix and the product life cycle AO2
- Product portfolio and extension strategies AO2 AO3
- Extension strategies (to prolong the life cycle)
- Branding AO2
- Why branding is important
- Price: appropriateness of pricing methods AO3
- Price (HL only): dynamic, competitive, contribution pricing and PED AO3
- Price elasticity of demand (PED)
- Promotion AO2 AO3
- Social media marketing as a promotional strategy
- Place: distribution channels AO3
- The extra three Ps for services AO3
- Appropriate marketing mixes AO3
- Business management tools in this topic
“I can” checklist: what you must be able to do
- I can relate the product life cycle to the product portfolio, investment, profit, cash flow and the marketing mix.
- I can evaluate extension strategies and explain brand awareness, development, loyalty and value.
- I can judge the appropriateness of cost-plus, penetration, loss leader, predatory and premium pricing, and calculate prices.
- HL: I can explain dynamic, competitive and contribution pricing and calculate and use price elasticity of demand.
- I can explain above, below and through the line promotion and evaluate social media marketing.
- I can evaluate distribution channels, and the importance of people, processes and physical evidence for a service.
- I can judge whether a marketing mix is appropriate for a product or business.
What is inside the full chapter notes
- Concept notes with 14 worked examples (all numbers computed)
- Product life cycle chart, BCG matrix, extension strategy, price elasticity, channels, seven Ps diagram
- Pricing methods table with when each is appropriate
- Promotion and cost-per-customer comparison; services and the three extra Ps
- AO2 and AO3 case paragraph on a whole mix; tool boxes; command terms
- 12 Quick-check questions A-D, explained
- Paper 1 style case with mark scheme and a 10-mark question
- Paper 2 style quantitative question with HL parts, mark scheme; quick reference and checklist
What you get in the pack
- All 36 topics of IB Diploma Business Management for students taking Standard Level or Higher Level (first assessment 2024): what a business is, business entities, objectives, stakeholders, growth, multinationals, human resource management, organizational structure, leadership, motivation, culture, communication, industrial relations, sources of finance, costs and revenues, final accounts, ratio analysis, cash flow, investment appraisal, budgets, marketing planning, sales forecasting, market research, the seven Ps, international marketing, operations methods, lean production, location, break-even analysis, crisis management, research and development, management information systems
- Every syllabus statement covered in order, each marked SL or HL, with clear notes, tables and diagrams drawn for these notes
- Worked examples in every topic: calculations and model answers that show how to earn the marks
- Quick-check multiple-choice questions with explained answers, plus original Paper 1 (case study), Paper 2 (quantitative) and, for HL, Paper 3 (social enterprise) style questions with full mark schemes (no past-paper reprints)
- Common mistakes and a how-to-score command-term guide for every topic
- Quick-reference sheet and an "I can" checklist at the end of every topic
- Colour PDF and a black and white copy of every chapter for printing
- Independent notes for IB Diploma students; not endorsed by or affiliated with the International Baccalaureate Organization (IBO)
All chapters in this pack
- Ch 1 1.1-1.2 The nature of business and types of business entity
- Ch 2 1.3 Business objectives
- Ch 3 1.4 Stakeholders
- Ch 4 1.5 Growth and evolution
- Ch 5 1.6 Multinational companies (MNCs)
- Ch 6 2.1 Introduction to human resource management
- Ch 7 2.2 Organizational structure
- Ch 8 2.3 Leadership and management
- Ch 9 2.4 Motivation and demotivation
- Ch 10 2.5 Organizational (corporate) culture (HL)
- Ch 11 2.6 Communication
- Ch 12 2.7 Industrial and employee relations (HL)
- Ch 13 3.1 Introduction to finance
- Ch 14 3.2 Sources of finance
- Ch 15 3.3 Costs and revenues
- Ch 16 3.4 Final accounts
- Ch 17 3.5 Profitability and liquidity ratio analysis
- Ch 18 3.6 Efficiency ratio analysis (HL)
- Ch 19 3.7 Cash flow
- Ch 20 3.8 Investment appraisal
- Ch 21 3.9 Budgets (HL)
- Ch 22 4.1 Introduction to marketing
- Ch 23 4.2 Marketing planning
- Ch 24 4.3 Sales forecasting (HL)
- Ch 25 4.4 Market research
- Ch 26 4.5 The seven Ps of the marketing mix
- Ch 27 4.6 International marketing (HL)
- Ch 28 5.1 Introduction to operations management
- Ch 29 5.2 Operations methods
- Ch 30 5.3 Lean production and quality management (HL)
- Ch 31 5.4 Location
- Ch 32 5.5 Break-even analysis
- Ch 33 5.6 Production planning (HL)
- Ch 34 5.7 Crisis management and contingency planning (HL)
- Ch 35 5.8 Research and development (HL)
- Ch 36 5.9 Management information systems (HL)