marketing mix:products Flashcards
marketing mix
a term which is used to describe all the activities which go into marketing a product or services
target market
a specific group of consumers for which a company seeks to provide a good or service
the product
the most important element in the marketing mix
R and D department
a department which spend all it time developing new products and analyzing the pros and cons
types of products
consumer goods
consumer services
producer goods
producer services
consumer goods
used up by consumers
consumer services
services that are produced for people
producer goods
goods produced for business
producer services
services for business
what makes a product successful
needs to satisfy costumer
the product must be right quality
make profit
cost of developing new products
-market research needed
-No guarantee for success
brand name
unique name of a product that separates distinguishes it from other brands
packaging
wrapping of a product
role of packaging
protecting the product
suitable for the product to suit in
make it easy to transport
packaging also help the product by:
eye catching
promotes the brand image
product life cycles
shows the stage that a product goes through from it starting point, growth and decline
product life cycle
development
starting point
growth
maturity
saturation
decline
development
being developed
introduction
starting point of the product in the market
growth
sales are growing rapidly
maturity
sales of product increases slowly
saturation
sales have reached it highest point
decline
sales of product has started to fall
