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Business Chapter 12: The Marketing Mix = Product (Role of packaging…
Business Chapter 12: The Marketing Mix =
Product
The marketing mix
four Ps
product
price
place
promotion
The role of product decision
Types of product
grouped into types
consumer goods
consumer services
producer goods
producer services
Producing the right product and right price
product needs to satisfy consumer wants and needs
right quality of the product
product must not be so difficult
design of product is very important
Product development
process
generate ideas
further research
decide if company are able to sell enough
develop prototype
launch product in one area to test market
full launch of product to whole market
Costs and benefits of developing new products
benefits
may allow business to expand to existing markets
Unique selling point (USP)
business will be first in market with new product
diversification for business
allows business to expand to new markets
costs for business
costs of market research and analysation
costs of producing trial products
lack of sales if target market is wrong
loss of company image if new product fails
Importance of brand image
branding
unique brand name
advertising
higher quality
assured quality
unique packaging
higher price
creates brand image
brand loyalty
Role of packaging
protects product
easy to transport product
easy to use
promotes brand image
carries information about product
eye-catching
suitable for product to fit in
Product life cycle
cycle
product is developed
product introduced or launched to market
sales start to grow rapidly
maturity
sales reach saturation point
sales decline and advertising is reduced
stages of product influence on marketing decisions
pricing
promotion
extending product life cycle
introduce new variations
use new advertising campaign
sell into new markets
introduce new and improved version of old product
make small changes to product's design, color or packaging
sell through additional retail outlets