the marketing mix: product Flashcards
what is the marketing mix
a term used to describe all the activities which go into marketing a product or service
what is inside the marketing mix
products, price, place and promotion
what are the 4 types of products
consumer goods, consumer service, producer goods, produce service
what are consumer goods/services
goods/services bought by customers for own personal use
what are producer goods/producer service
goods/services which are produced to help/for other business
what makes a product successful
satisfy customer needs and wants
right quality
not difficult to make
good design that shows performance, reliability and quality
first business to produce new product/introduce new changes
something distinctive
what is the process of product development
generate ideas - idea screening -business analysis -product development -test market -commercialisation
what is USP
special feature of a products that differentiates from the products of competitors
what are the benefits of selling new products
diversifications, broader ranger of products to sell
allow business to expand into new market
what are the cost which business needs to take into consideration
cost of carrying out market research and analysing the findings
cost of producing trials products includes wasted materials
lack of sales if target market is wrong
loss of company image is new products fails to meet customers needs
what is the meaning of brand name
unique name of a product that distinguishes it from other brands
what is the use of having a brand name
make customer aware of quality
convey products features and uniqueness
brand loyalty meaning
when consumers keep buying the same brand again and again instead of choosing a competitors brands
what is the meaning of brand image
an image or identity given to products which gives it a personality of its own and distinguishes it from competitors brand
what is packaging
it is the physical container or wrapping of a product. It is also used for promotion and selling appeal
what is the use of packaging
protect and selling appeal protect from damage convent promotion contains information
what is the definition of product life cycle
describes that stages a product will pass through, from its introduction through its growing until it is mature and then finally its decline
describe the steps in the products life cycle
developed: prototype is tests
introduction: sales grow slowly as ppl dk abt it
growth: advertising changed to competitive
maturity sales increase slowly , competition becomes intense and pricing is competitive or promotional
saturation: stabilizes art highest point
decline: new produce come, or products lost its appeal
how does pricing affect product life cycle
price is high at beginning as if its low it gives low quality
prices are a little higher in growth
in saturation or maturity, price is reduced to keep sales from falling
discounts offered in decline if dw to extend its life
how does promotion affect product life cycle
high at intro as they hv to inform
brand identity must be made
reduced in later stage bc product is alrdy known or bc want to use budget on another product
might be increased if they want to use extension strategy
what is the meaning of extension strategy
a way of keeping the product at the maturity stage of life cycle and extending the cycle
what are the 6 extension strategy
introduce new variation of original product
sell into new market -export to another country
make small changes to products design like colour or packaging
sell through additional, different retail outlets
introduce new improved version of old product
use new advertising campaign
