Product Flashcards
what is the marketing mix
It is the way for businesses to satisfy the customers needs and wants
ask yourself : product
what are the goods and services do the customers need and want?
ask yourself : price
how much are the customers willing to pay ?
ask yourself : promotion
how can they be persuaded to buy the product
what does the marketing mix refer to
it refers to the combination of the different marketing tools ( 4Ps ) to attract customers and be better than the competitor
it involves the decisions to …………..
- choose the right product
- sell it at the right price
- make it available at the right place
- promote it in a way that will reach the target customers
what is product
it has anything to do with the business that offers to satisfy the customer’s needs and wants. the products may be goods , services or both
what are the 7 types of products
- Features : what does it have
- Functions : how can it benefit
- Design : is it appealing
- Quality Level : is it long lasting?
- branding
- packaging
- support services
what is branding
it is the use of the name , symbol design or a combination of these to identify a product
how does the customers link a brand to ?
- quality
- features
- belief
- experience
- lifestyle
what is one of the benefits of branding to customers
A promise of value
the brand assures a certain level of quality in terms of product performance and customer service
what is one of the benefits of branding to customers
Makes shopping more efficient
customers spend less time and effort choosing among many similar products
what is one of the benefits of branding to customers
A status symbol and a reflection on personal choice
when a brand is associated with a particular status or lifestyle , owing the brand’s products makes customer feel that they belong to that status group
what are the benefits of branding for businesses
- building customer loyalty
2. makes it easier for the business to introduce new products to its customers
what is packaging
it is how a product is packed into a container , wrapper , etc.
The packaging should include a label , a description of the product and the instructions on how to use it
