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The marketing mix: product (Branding (Needs advertising to reinforce the…
The marketing mix: product
Product
Types
Consumer Goods
Goods which are consumed by people.
Consumer services
Services produced for people.
Producer goods
Goods that produced for other businesses to use.
Product services
Services produced to help other businesses.
What makes it successful?
Satisfies existing needs and wants of consumers.
Design
Capable of simulating new wants from the customer
Not too expensive
The first business to produce the product
Has something distinctive that makes it different
Steps
Generate Ideas
Further research
Decide if the company will be able to sell enough
Develop a prototype
Test the market
Full launch
Branding
Needs advertising to reinforce the brand's qualities
Unique name
Higher price than unbranded products
Higher quality
Creates brand image
Always of same standard
Unique packaging
Encourages customers to keep buying it
Packaging
Protects the product
Easy to open the container and use the product
Easy to transport the product
Suitable for the product to fit in
Eye-catching
Carries information about the product
Promotes the brand image
Extending the product life cycle
Introduce new variations of the original product
Sell into new markets
Make small changes to the product's design
Use a new advertising campaign
Introduce a new, improved version of the old product
Sell through additional, different retail outlets