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The Marketing Mix (4 P's) (Extension strategies (Price: Changing the…
The Marketing Mix (4 P's)
Product
Product Development
Quality: What level of quality will the product be?
Packaging: Should it be functional, or eye catching?
Design: What should it look like, any added features?
Branding: Is the product to be unique or part of a range?
Function: What is the purpose of the product?
After Sales: Will there be customer service, offers, guarantees?
Branding Benefits
Can charge a higher price
High awareness
Easier to launch new products
Perceived high quality
Branding Costs
High marketing costs
Counterfeit goods
Huge intial financial outlay
Poor product can affect whole brand
Own Brands
Consumers are increasingly more aware of these brands
Supermarkets have seen an increasing growth in own brand sales
Established brands are under increasing pressure from cheaper "own brands"
Extension strategies
Price: Changing the price
Promotion: New promotion, special offers
Product: Altering packaging, new features
Place: Changing location sold e.g. Internet
A company can extend the lifecycle of a product by injecting new life into it, using extension strategies