Business Studies (AS)·Elements of the marketing mix: product & price · NSSCAS 3.5
The 4 Cs, the 4 Ps and the product life cycle
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You already met the 4 Ps at NSSCO — product, price, place and promotion. In this lesson we turn the mix around and look at it from the customer's chair, using the 4 Cs, and we map every C onto its P. Then we draw the product life cycle stage by stage, sales against time, and see exactly how the marketing mix must change from introduction to decline. Finally we add the dotted extension line and evaluate whether stretching an old product is really worth it. Examiners love this topic because it lets them ask you to explain, analyse AND evaluate all in one question.
What you'll learn in this lesson
By the end you should be able to (NSSCAS Business Studies (AS) 3.5):
- explain the relationship between the customer and the business (the 4 Cs) - customer solution, cost to customer, communication with customer, convenience to customer
- explain how the 4 Cs relate to the 4 Ps in the marketing mix
- explain how the product life cycle influences marketing activities
- evaluate the extension strategies of a product life cycle
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Miss Maria and Mike talk through the whole topic — with the figure and working drawn live.