marketing mix and products
DESCRIPTION
Marketing PowerPoint level 1-3 can be adaptedTRANSCRIPT
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VERTU phone
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MARKETING MIX
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MARKETING MIX
PRODUCT PRICE
PROMOTION PLACEPP
PP
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MarketingMix
Product Price Promotion
AppearanceFunction
Cost
Cost basedCompetitor basedConsumer based
AdvertisingSales promotionPersonal selling
Place
RetailersWholesalersDistribution
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Product
• Brand loyalty – what makes customers stick to a particular brand?
• Product differentiation created by:– Unique design– Unique product function e.g. iphone– Unique taste e.g. Dr Pepper– Superior performance e.g. Dyson
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Product Life Cycle
Shows the different stages in the life of a product and sales that can be expected at each stage.
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Sales
TimeIntroduction Growth Maturity DeclineDevelopmen
tSaturation
• Similar products enter the market
•Price lowered
•Some businessesmy be forcedout of the market
• Sales falling• Profits continue to fall
•Sales reach its highest point
•Rate of growth Slows
•Competitors enterthe market
• Sales increasingrapidly
• Profits will reach their highest at the end of this stage
• Sales are low
• Profits will be negative
• Product may be unknown
• Product is being designed
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Use of the PLC
• Illustrate the broad trends in sales revenue
• Identify points at which the business may need to consider launching new products as older ones are in decline
• Help business identify when and where spending is required e.g. advertising
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Different life cycles
• Products with long life cycle?
• Products with short life cycle?
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Extending the life cycle
Introduction Growth Maturity Decline
Sales
TimeSaturation
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Extension Strategies
• Find new uses for the products
• Finding new markets for existing products
• Develop a wider product range
• Aiming the product towards specific target markets
• Changing appearance or packaging
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Product Mix/Portfolio
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Boston Matrix