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Product

Product. The marketing mix. Product is just one part of the marketing mix, which is also known as the 4Ps: Product Price Place Promotion. Product. ‘ Product’ refers to the functions and features of a good or service. It should satisfy the needs of the customer

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Product

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  1. Product

  2. The marketing mix Product is just one part of the marketing mix, which is also known as the 4Ps: • Product • Price • Place • Promotion

  3. Product • ‘Product’ refers to the functions and features of a good or service. • It should satisfy the needs of the customer • It may have a Unique Selling Proposition (USP). • ‘Product’ also includes a range of factors such as packaging, quality, warranties, after-sales service and branding. • Products and brands may suggest certain images e.g. sporty, sophisticated, value.

  4. Product lifecycle The product lifecycle looks at the sales of a product over time

  5. Stages of the product lifecycle Development – high costs but no sales Launch – high expenditure on promotion and product development, low sales Growth – sales increase and product should break even Maturity – sales stabilise, less expenditure on promotion needed, revenue & profit should be high Decline – sales decline, extension strategies canbe adopted or the product withdrawn

  6. Extension strategies Extension strategies should maintain or increase sales. They include: • Modifying the product • Reducing the price • Adding a feature • Promoting to a different market sector Extension strategies

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