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Product - Coggle Diagram
Product
Role of Packaging
Environment
Cost-effective
Information
Design
Convenience
Protection
Product life cycle
Definition
The level of sales at the different stages through which a product passes over time
Stages
Development
Introduction
Growth
Maturity/Saturation
Decline
Extension startegies
Find new market
Modify product
Change packaging
Develop product range
Product Development
Definition
Continuing process
New products to replace old ones
Proactive = try and lead the market
Lengthy process, can be costly
Stages
Generating ideas
Analysis
Development
Test Marketing
Commercialisation/Launch
Marketing mix
A strategy used by business to meet
customers needs. It involves satisfying the four P’s.
= Goods + Services