The department which links the company with customer tastes, wants and needs. It develops the...
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Transcript of The department which links the company with customer tastes, wants and needs. It develops the...
MARKETING MIX: PRODUCT
WHAT IS MARKETING? The department which links the
companywith customer tastes, wants and needs.
It develops the Marketing Mix
Promotion
Place
THE MARKETING MIXConsists of the 4 Ps of marketing.......
Product
The Marketing Mix
Price
PRODUCT
QUESTION!What is the difference between the
product ofsmall and large companies?
ANSWER Small businesses – one product Large businesses – a range of products
This range is called a Product Portfolio/Mix
They will have different target markets They may diversify
PRODUCT LIFE CYCLE - EXAMPLE
Sales
TimeIntroducti
onGrowth Maturity Decline
TASK - DRAW A PRODUCT LIFECYCLELabel the diagramDescribe each stage (P113)
EXTENSION STRATEGYA step taken to extend the product lifecycle
Examples Updated designs New advertising campaign Targeting new markets with an existing
product New brand image
TASK 2Explain how these products extended theirproduct lifecycle?
What could be the problems of doing this?
iPhone Cadbury Dairy Milk Nintendo Wii Crunchy Nut Cornflakes Lucozade
VIRGIN’S LATEST EXTENSION STRATEGY
Virgin Money!
TASK 3Read through the worksheet ‘Product
Life Cycle’.
Complete the table on Page 2.
Answer question 1
TASK 4 http
://news.bbc.co.uk/1/hi/uk/7814502.stm
Questions Why are customers prepared to pay a
higher price for energy efficient light bulbs
Explain why the 100 watt light bulb is being phased out by retailers
TASK 5
Questions Why do customers still buy the iPod? Why is the iPod starting to decline?