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The Marketing Mix (PRODUCT :iphone: (The Product Life cycle :recycle:…

- - - - Wholesaler: a business that sells a wide range of products in large quantities
      - Agent: a business that links buyers and sellers
      - Retailer: a business that sells certain type or range of product that comes in small quantities
        
        Kiosks: small outlets selling small range of goods
        
        Superstores: Very large stores thats sell range of goods (Costco)
        
        Supermarkets: large stores selling food and goods (Tesco)
        
        Department stores: large stores with separate selling departments (John Lewis)
        
        Multiples: chains of stores (Poundland)
        
        Independents: newsagents and specialists, sole traders
        
        Online Retailers: sells range of products and is only available online (amazon)
        
        Market traders: sells food and goods from stalls, usually temporary
      - Direct selling: direct selling from the business to the consumer
        
        Direct mail: Producers send promotions direct to consumers inviting them to buy products. Banks may use this methods to sell loans and insurance
        
        The Internet: Products are sold online form manufactures’ website
        
        Shopping Parties: representatives organise parties and invite people to enjoy themselves and buy products such as jewellery, cosmetics etc…
        
        Telephone: Producers contact customers directly and try to sell over the telephone
        
        Mail order Catalogues: Catalogues are distributed to customers who may buy the products listed - sometimes on credit
        
        Door-to-door selling: Sales people knock on customers’ doors, inviting them to buy products
        
        Direct Response Adverts: Adverts are placed in newspapers, magazines or on televisions inviting people to buy products
- - - - Newspaper and Print media
        
        Reader able to refer back to it after long period of time, can target certain audiences with specialist magazines, cheap to produce. Not engaging for some people (therefore it will be skipped), advertisements are usually placed in same area of magazine or newspaper therefore readers may be overwhelmed by high concentration of advertisement material
      - Cinema
        
        Can have large impact on the audience, advertisments can be targeted depending on film being shown, engaging. Message only seen once and is short lived
      - Televison
        
        Huge audiences and be reached in a short period of time. Very expensive and some viewers avoid advertisements
      - Radio
        
        Small audience that can be targeted, cheap. May be ignored due to lack of visual engagement
      - Posters and billboards
        
        Seen repeatedly, can start national campaigns and can is good for broadcasting a impactful message to the masses. Limited information shown, can be damaged easily, difficult to evaluate effect
      - Internet
        
        Can be regularly updated, can also be targeted depending on website, cheap and easy to produce and launch, very easy to measure effect through likes, views etc… Some internet advertisements are irritating and will be ignored, possibility of being hacked
  - - - Press Conferences
        
        The representatives of the business will confront media outlets (i.e. the internet or the television) it allows questioning.
      - Sponsorship
        
        A business will link their products with a certain event (ie. Olympics)
      - Free Gifts, Coupons, Loyalty Cards, Competitions and Offers
        
        Self explanatory
      - Donations
        
        This improves public image of the business
      - Display Material
        
        Leaflets and other materials may be used to display products. Lighting and other effects may be used (i.e. in alcohol sections) Also window displays are used.
      - Product Layout
        
        Products will be placed in specific ways in order to guide customers on certain routes to buy certain products. Products are also placed at eye level to entice customers
      - Stock
        
        Well stocked selves make good impressions on customers
      - Direct Mailing
        
        Leaflets and letters are sent to business or households
- - - - *Sales will grow if the product is successful, therefore revenue will increase and the cost of launching the product will be covered. Costs will fall as a result and a profit may be made. Cash flow is stabilised *
    - - Other products may enter the market as your product's sale growth declines and stagnates. This is called market saturation. Prices may fall and promotion methods may be used. Extension strategies may also be used of sales begin to decline
        
        Extension Strategies are used when a products life cycle enters the decline stage. it is an attempt by the business to reverse the decline in sales in order to increase revenue from the existing product
        
        Selling in a new market
        
        Finding new uses for that product
        
        Modification of the product
        
        Development of the product
        
        Change in appearance and aesthetic
        
        Encourage more frequent use of the product
    - - Sales decline and the product may be withdrawn, as consumer desires and attractions change. The product may either be replaced by a newer product b the company or be re-launched after a period of time as a form of extension strategy
    - - New production facilities will increase cost of the launch of the product, as well as promotion. Income may vary depending on pricing strategy used.
    - - zero sales due to product research and testing. Costs are high and cash flow is damaged