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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.