marketing mix : a term that describe all the activities which go into marketing a product or service. These activities are often summarised as the four Ps - product, price, place and promotion
The role of product designs in the marketing mix:
Without a product that meets customer needs, the rest of the marketing mix is unlikely to be able to achieve marketing success
Types of product
Consumer goods: goods that bought by consumer for their own use
Consumer services: services that bought by consumer for their own use
Producer goods: goods that produce for other businesses use
Producer services: services that produce to help other businesses
Successful product:
Satisfies existing needs and wants of consumers
Not too expensive to produce
Design: performance, reliability, quality shoulda be consistent with the product's brand image
Capable of stimulating new wants from the consumer
It is distinctive from its competitors and stands out
New changes
New Product Development: development of a new product by a business. The process:
Generate ideas: using customer suggestions, competitors’ products, employees’ ideas, sales department data and the information provided by the research and development department
Select the best ideas for further research: the firm decided which ideas to abandon and which to research further. If the product is too costly or may not sell well, it will be abandoned
Decide if the firm will be able to sell enough units for the product to be a success: this research includes looking into forecast sales, size of market share, cost-benefit analysis etc. for each product idea, undertaken by the marketing department
Develop a prototype: to see how the product is manufactured
Test launch: launch on small part of the market, to see how well the product is doing
Full launch of the product: the product is launched to the entire market
The benefits of the developing new products:
Unique Selling Point
Diversification, broader range of products to sell
Expand into the new markets
Expand into existing markets
The costs of the developing new products:
The costs of market research and analysing the findings
Costs of waste materials
Lack of sales if target market is wrong
Loss of company image if fail customer needs
The UPS is the special feature of a product that differentiates its from the products of competitors.
The importance of brand image
The brand name is the unique name of a product that distinguishes it from other brands
Brand loyalty is when consumers keep buying the same brand again and again instead of choosing a competitor's brand
Brand image is an image or identify given to a product which gives it a personality of its own and distinguishes it from its competitors
Brand name will make consumers aware of the qualities of the product to try to persuade them to buy it.
Sold as being of higher quality than unbranded products
Assurance of a standard quality that make consumer confident in buying branded products
The role of packaging
protects the product
easy to transport the product
easy to open the container and use the product
suitable for the product to fit in
eye-catching
carries information about the product
promotes the brand image
The product life cycle
The product is developed. the prototype is tested and market research is carried out.
Then it's introduced on to the market . Sale grow slowly
Sales start to grow rapidly. Price reduce little as new competitors enter the market
Maturity. Sales now increase slowly.
Sale reach saturation point and stabilise at their highest point. No new competitor
Sales of product decline as new products come along or because the product has lost its appeal.
Extending the product life cycle
Introduce new variations of the original product
Sell into new markets
Make small changes to the product's design, colour pr packaging
Use a new advertising campaign
Introduce a new, improved version of the old product
Sell through additional, different retail outlets
really helpful <3 tysm