Transcript of Objectives I will be able to tell what the importance of product identification is. I will be able...
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- Objectives I will be able to tell what the importance of
product identification is. I will be able to explain how to decide
where to sell products. I will be able to list the four types of
promotion.
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- 1) Product determining what services to offer with the product,
how to package it, and what kind of product identification to use.
Take a few minutes and think of your own cereal. How will people
identify your cereal as they walk down the aisle at the grocery
store?
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- 2) Price How much will you charge for your product/service?
Price leadership setting your prices close to your competitor w/a
similar product. Penetration pricing setting a low price to attract
customers away from established companies. Now determine what price
you will set for your cereal.
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- 3) Place where will a product be sold. mail, phone, stores,
internet, etc. Decide where you are going to sell your cereal. What
stores will carry it? What shelf will it be located on?
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- 4) Promotion use of advertising to inform consumers that your
product is out there. Come up with a game plan on how you will
advertise your cereal.
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- A series of stages from first introduction to complete
withdrawal from the market. 1. Introduction of product 2. Growth 3.
Maturity 4. Decline Understanding the different stages of a
products life cycle is key to knowing what type of marketing should
be done with that particular product.