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Marketing Mix: Product

Marketing Mix: Product. What is Marketing?. The department which links the company with customer tastes, wants and needs. It develops the Marketing Mix. The Marketing Mix. Consists of the 4 Ps of marketing. The Marketing Mix. Place. Product. Price. Promotion. PRODUCT. Question!.

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Marketing Mix: Product

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  1. Marketing Mix: Product

  2. What is Marketing? The department which links the company with customer tastes, wants and needs. It develops the Marketing Mix

  3. The Marketing Mix Consists of the 4 Ps of marketing....... The Marketing Mix Place Product Price Promotion

  4. PRODUCT

  5. Question! What is the difference between the product of small and large companies?

  6. 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

  7. Sales Introduction Growth Maturity Decline Time Product Life Cycle - Example

  8. Task - Draw A Product Lifecycle Label the diagram Describe each stage (P113)

  9. Extension strategy A step taken to extend the product lifecycle Examples • Updated designs • New advertising campaign • Targeting new markets with an existing product • New brand image

  10. Task 2 Explain how these products extended their product lifecycle? What could be the problems of doing this? • iPhone • Cadbury Dairy Milk • Nintendo Wii • Crunchy Nut Cornflakes • Lucozade

  11. Virgin’s latest extension strategy Virgin Money!

  12. TASK 3 Read through the worksheet ‘Product Life Cycle’. Complete the table on Page 2. Answer question 1

  13. 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

  14. Task 5 Questions • Why do customers still buy the iPod? • Why is the iPod starting to decline?

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