THE MARKETING MIX: PROUDUCT (PRODUCT LIFE CYCLE ( First the product will…
THE MARKETING MIX: PROUDUCT
A term used to describe all the activities which go into marketing a product.
This applies to the product itself.
This is the price at which the product is being sold.
This refers to the places that the products will be sold at.
How the product is being put out into the market
TYPES OF PRODUCT
These are goods which are consumed by people
These are the services provided for people.
These are goods that are produced for other businesses to use.
These are services that are produced to help other businesses.
DEVELOPING NEW PRODUCTS
USP, the special feature pf a product that differentiates it from the products of the competitors.
Diversification for the business
It allows the business to expand into new markets.
It may allow the business to expand into existing markets.
The cost of carrying out market research and analysing the data.
The costs of of producing trial products
Lack of sales resulting to decreasing profit
Loss of company image.
NEEDS OF PRODUCTS
The product needs to satisfy consumer wants and needs
The product also needs to be of the right quality so the price is what consumers are willing to pay.
The costs of the product has to be sensible to the product itself.
How the product is designed is also important.
PRODUCT LIFE CYCLE
First the product will be developed. Testings and market research will be carried out.
It is then launched into the market, sales will grow slowly since the product is new and many are unfamiliar with it.
Sales start to grow faster.
Sales now increase however this time slower.
Sales have reached saturation point and stabalise at their highest point.
Sales of the product will decline as new products come along.
Is the unique name of a product that distinguishes it from other brands.
Is when consumers keep buying the same brand again and again instead of choosing a competitor’s brand.
Is an image or identity given to a product which gives it a personality of its own and distinguishes it from its competitors’ brands.
THE IMPORTANCE OF PACKAGING
Is the physical container or wrapping for a product. It is also used for promotion and selling appeal.
PACKAGING AND ITS FUNCTIONS
Packaging has to give protection to the product and not allow it to spoil.
Packaging is used for promoting the product.
HOW TO EXTEND THE PRODUCTS LIFE CYCLE
Create new and more variations of the original product.
Sell into new markets
Make small changes to the product's design, colour or packaging
Use a new advertising campaign
Introduce a new, improved version of the old product.
Sell through additional, different retail outlets.