Marketing Mix: Product
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Transcript of Marketing Mix: Product
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MARKETING MIX: PRODUCT
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WHAT IS MARKETING? The department which links the
companywith customer tastes, wants and needs.
It develops the Marketing Mix
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Promotion
Place
THE MARKETING MIXConsists of the 4 Ps of marketing.......
Product
The Marketing Mix
Price
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PRODUCT
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QUESTION!What is the difference between the
product ofsmall and large companies?
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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
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PRODUCT LIFE CYCLE - EXAMPLE
Sales
TimeIntroducti
onGrowth Maturity Decline
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TASK - DRAW A PRODUCT LIFECYCLELabel the diagramDescribe each stage (P113)
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EXTENSION STRATEGYA step taken to extend the product lifecycle
Examples Updated designs New advertising campaign Targeting new markets with an existing
product New brand image
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TASK 2Explain how these products extended theirproduct lifecycle?
What could be the problems of doing this?
iPhone Cadbury Dairy Milk Nintendo Wii Crunchy Nut Cornflakes Lucozade
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VIRGIN’S LATEST EXTENSION STRATEGY
Virgin Money!
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TASK 3Read through the worksheet ‘Product
Life Cycle’.
Complete the table on Page 2.
Answer question 1
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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
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TASK 5
Questions Why do customers still buy the iPod? Why is the iPod starting to decline?