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Unit 4 Marketing, 4.5 The Marketing Mix, j - Coggle Diagram

- - - - Introduction
        
        Product Launch
        Curious/adventurous consumers buy product first – market to them.
      - Growth
        
        Word spreads, sales increase rapidly
        Competitors enter market, battle for dominance.
      - Maturity
        
        Constant sales, Brand equity highest and most profitable, paid off early costs.
      - Decline
        
        Sales decrease, inevitable.
      - Decision Part
        
        Try to reposition brand, New promotion and pricing
        Or discontinue.
  - - - a product that is extremely popular with a select market for a short time.
    - - Very specific market, few competitors.
    - - some products are popular during a specific time or season.
        Inventory Management is important.
- - - - word(s) a business uses to distinguish its products from that of the competition and How the company is identified.
    - - symbol that is associated with the company or product.
    - - Short or catchy advertising phrase associated with a company or product.
- - - - manufacturer concentrates on creating demand at the consumer level.
      - customers will ask for it.
      - "Getting the customer to come to you"
      - Example: Advertising and mass media promotion.
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        4,6 Creative Advertising
        
        Suggestions
        
        Unique/Cleverness
        
        Purpose
        
        A Message
        
        Not too wordy
        
        Every word counts so don’t waste any! Get straight to the point
        
        Clutter can be bad, it can distract away from the main selling point
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- - - - Competition
        
        All the sellers of a specific product, Such as Toyota vs Dodge
        
        Products
        
        A successful product or service must satisfy a consumer’s need or want better than existing product or service.
        
        Consumers
        
        Businesses study and target potential users of a product or service to be competitive.
        
        Price
        
        Price is one of the most critical elements contributing to the success or failure of a product or service. Consumers must feel that the price is reasonable, taking into account the quality and prices of the same or similar product or service.
        
        Place
        
        Where and how a product is sold.
        
        Promotion
        
        This refers to the methods by which businesses or individuals inform potential customers about the availability and benefits of the product/service. The goal of promotion is to convince the consumers that the good/service are superior to others.