Please enable JavaScript.
Coggle requires JavaScript to display documents.
Product - Coggle Diagram
Product
Branding
Use of a name, symbol or design
Helps maintain or increase sales
Personality given to a product
through marketing activities
Created to appeal to a specific market segment
Used to
Create and maintain loyalty
familiarity
encourage long-term repeat purchases
Expand product ranges
more likely to try a new product
Differentiate products
Mat be the only thing that makes one product different
Aid recognition
help products to stand out in shops
Gain price flexibility
established brands
can charge higher prices
New product development
Expensive
Essential for some companies
Brings competitive advantage
Merges science, imagination, and m marketing
Product's life cycle
introduction
research and development
product is unlikely to make profit
market is focused on awareness
growth
sales begin to grow
competitors enter the market
product may become profitable
market focuses on brand preferences
new feature may be added
maturity
decreasing sell rate
brand loyalty focus
gain market share attempt
peak
decline
sales fall
marketing
expenditure
is reduces
simplification to cut production costs
often withdrew from sale
Packaging
used to
promote the product
differentiate the product
protect the product from damage
communicate information
make the product convenient to use
make the product easy to store/display