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The Four P's (Product (Boston Matrix (BSG Matrix) bcg (Star: …

- - - - .
        
        2.Growth:
        -Sales grow significantly if the product receive the market place
        
        Extension Strategies :
        -Marketing plans that extend the maturity stage of a product before a new product is needed.
        
        -Add new features.
        -Repackage the product.
        -Discount the price
        -Rebrand
        -Develop new market
        -Create new users
        
        3.Maturity/ Saturation:
        -Sales fails to grow but do not decline.
        -Occurs when everyone has the product the needs the product.
        
        1.Introduction:
        -The product has been launched after development and testing.
        -Sales are typically low.
        -Advertising cost are high.
        -Profits not yet realized.
        
        4.Decline:
        -Sales fall steadily, (extension strategies were not tried/ did not work)
        -Newer competitors maybe available.
    - - Affect cash flow
      - Affect profit and investment
      - Assist with the planning of the marketing mix decisions.
  - - - Attracting customers
      - Promotion and information
      - Offers convenience
      - Differentiation and brand support
      - Protection
  - - - Manufactured products that can be re-used and expected to have a reasonably long life.
    - - Products that are purchased by businesses not final consumers.
  - - - Brand :An identfiying symbol, name, image or trademark that distinguishes a product from its competitors.
      - Brand awareness: To extent to which a brand is recognised by potential customers
      - Brand development: Measures the infiltration of a product's sales usually expressed per thousand people.
      - Brand loyalty: The faithfulness of consumers to a particular brand.
      - Brand value (or Brand equity): The premium that a brand has because customers are willing to pay more for it than they would for a non-branded generic product.
    - - Product Branding (aka individual branding)
        
        Each individual product has its own unique identify and brand image.
        +: Each product is perceived on its own and is unconnected with the parent company.
        -: Loses the positive image of a strong company brand.
      - Company Branding (aka corporate branding)
        
        The company name is applied to the products and becomes the brand (exp: Disney)
        +: Like family branding- but now applies to ALL products produced under the company's brand.
        -: Poor quality of one product may damage the image of the company.
      - Family Branding (aka umbrella branding)
        
        Selling several related products under one brand name.
        +: Marketing economies of scales, makes new product launches easily.
        -: Poor quality of one product under the brand may damage them all
      - Own-label Branding (aka store brands)
        
        Retailers create their own brand name and identify for a range of products. (TESCO...)
        +: Often cheaper than name-brand,little spent on advertising.
        -: Customers often perceive products to have a lower quality image.
      - Manufactures Branding
        
        Producers of the product establish the brand image for the products, often under the company name. (expl: Levi's)
        +: Successful branding establishes a unique personality for the product; often customers will pay a premium price.
        -: The brand has to be constantly promoted and defended.
- - - - Cost-Plus Pricing
        Adding a mark-up for profit to the average cost of the item
    - - Psychological Pricing
        Setting prices that take advantage of a customer's perception of value of the product
      - Loss Leader
        Product sold at a very low price to encourage consumers to buy other product.
      - Market Skimming
        A high price is charged for a new product that has little or no competition.
      - Price Discrimination
        Charging different groups of consumers different prices for the same goods or services.
      - Penetrate Pricing
        Setting a low price supported by strong promotion in order to achieve high volume in sales
      - Promotional Pricing
        Special low prices used to gain market share or sell off excess stock-includes "buy one get one free" offers.
      - Price Leadership
        When one business sets a price for its products and other firms in the market set the same or similar price... they "follow suit"
      - Predatory Pricing
        Deliberately setting prices so low that competitors are forced out of the market (typically illegal in most country but difficult to prove)