Unit 12: The marketing mix: Product
The marketing mix is a term that is used to describe the activities in marketing a product (include goods and services)
There are four Ps of the marketing mix:
There are four Ps of the marketing mix:
- Promotion
- Price
- Product
- Place
The role of product decisions in the marketing mix
- Customer goods: consumed by people
- Customer services: for people
- Producer goods: for business
- Producers services: for business
What makes a product success?
- Satisfy existing needs and wants of consumers
- Not too expensive when we produce something
- Be the first business produces something new before the competitors
- Design - performance, reliability, quality should be consistent with the product's brand image
- We can make the consumers have the interest with the existing or new products
- Products have to have some thing that are distinctive
The costs and benefits of developing new products
- USP( Unique Selling Point) means the first business goes into the market with the products
- The diversification in products
- It allows business to expand into a new markets or existing markets.
- The costs of producing the trial products
- The costs of carrying out the market research and analyzing the findings
- If the products fails to meet the consumer needs, business will loss the company's image
- Lack of sales if the target market is wrong
The brand name is the unique name of a product that make it different from other brand
The brand loyalty is when the customers keep buying the same brand instead of choosing others
The brand image is an image given to a product which give it its own impression and make it different from competitors' brands
The brand loyalty is when the customers keep buying the same brand instead of choosing others
The brand image is an image given to a product which give it its own impression and make it different from competitors' brands
The role of packaging
Packaging is the physical container for the product and it is also used for promotion and selling.
2 functions of the packaging:
2 functions of the packaging:
- Packaging has to give protection to the product and not allow it to soil
- Packaging is also used for promoting the product
The product life cycle
The product life cycle describes the stages a product will pass through
The cycle of a product: development -> introduction -> growth -> maturity -> saturation -> decline
The cycle of a product: development -> introduction -> growth -> maturity -> saturation -> decline
How stages of the product life cycle influence marketing decisions?
Knowing the stage of the life cycle that a product is in can help a business with pricing and promotion decisions