MARKETING MIX

MARKETING MIX- PRODUCT

-What does the term ' marketing mix' mean?

-What is product development and why is it important?

-Are there differences between goods and services?

-How important is the role of packaging

-Explain the phases of a product's life cycle

-How can you manage and review a product portfolio?

Open Ended

Discuss the marketing mix. What does the term 'marketing mix' mean? What are they?

Poll

Which of the following is an accurate definition of the term 'product'?

• anything that can be offered to a market that might satisfy a want or need.

• anything – goods, services and ideas – that can be offered in a market to satisfy customer needs and wants.

• anything that we can offer to a market for attention, acquisition, use or consumption that could satisfy a need or want.

Complete the table

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Open Ended

Make a list of things that would make a meet the criteria of ‘successful products’.

Open Ended

So, what do you know about how products are developed?

Open Ended

Arrange the following stages of product development in the order that would occur:

Commercialization and launch

Generating ideas

Development

Analysis

Test marketing

The costs and benefits of developing new products

USP

diversification

Costs of research and analysis

Costs of producing trial products

Costs of wasted materials

Loss of company image if new product fails to meet the customer needs

Open Ended

What is packaging?

Packaging

This is the physical container or wrapping for a product. It is also used for promotion and selling appeal.

Multiple Choice

The brand name is ...

• when consumers keep buying the same brand again and again instead of choosing a competitor's brand

• an image or identity given to a product which gives it a personality of its own and distinguishes it from its competitors' brands.

• the unique name of a product that distinguishes it from other brands.

Multiple Choice

Brand loyalty can be defined as

• the unique name of a product that distinguishes it from other brands.

• when consumers keep buying the same brand again and again instead of choosing a competitor's brand

• an image or identity given to a product which gives it a personality of its own and distinguishes it from its competitors' brands.

Multiple Select

Brand image is simply defined as

• when consumers keep buying the same brand again and again instead of choosing a competitor's brand

• the unique name of a product that distinguishes it from other brands.

• an image or identity given to a product which gives it a personality of its own and distinguishes it from its competitors' brands.

RECAP

• Marketing mix are elements of a firm’s marketing that are designed to meet the needs of customers.

• We have learned about 4 Ps of the marketing mix. They are: product, price, place and promotion.

• A product could also be defined as anything – goods, services and ideas – that can be offered in a market to satisfy customer needs and wants.

• For a product to be considered successful, it has to be reasonably priced; satisfy the needs and wants of customers.

• Although packaging is the physical container or wrapping for a product, it is also used for promotion and selling appeal.

Open Ended

List the stages of a product life cycle.

Explain the product life cycle diagram- verbal feedback.

Open Ended

List strategies that can be used to extend the life of a product.

• Repackaging and new sizes: the appearance of the product can be crucial gaining a customer's attention and developing interest

• Change product– New and improved versions of the product can be released… version 2.0 and then version 3.0.

• Change price– Price can be lowered to allow new customers to buy it. Change place– Products can be sold in different countries or territories to gain more sales.

• Change promotion– Different advertising or sales promotion techniques can prolong the life of the product, giving it a new image.

• Change packaging– The style of the packaging may be changed to give the appearance of a new and improved product.

• Change usage– Existing customers can be encouraged to buy more of the product or to use it in a different way. For example breakfast cereals used advertising to show consumers eating cereal at different times of the day.

• Change name– If a product has suffered from bad publicity and sales are falling, a tried and tested technique is to simply change the name of the product.

Open Ended

Name one company you know that offers a range of goods or services.

List some of those goods or services that the company you have mentioned offers.

The luxury brand Hermès offers a range of luxury products.

Hermes has 19 types of products in its product lines. Those include Handbags, Scarves, Ties, Men’s wear, Women’s fashion, Perfume, Watches, Stationery, Footwear, Gloves, Enamel, Decorative arts, Tableware, Jewelry, Saddle, Belts, Scarves, Hats, and Furniture.

Poll

Which of the product would you consider to be a cash cow?

• Facebook- the best-selling soft drink as well as the best-known product in the world.

• Facebook is trading at 20 times its earnings

• Apple’s MacBook has a consistent market share and steady revenue.

• HP printer earned the company a revenue of 17.64 billion U.S. dollars in 2020

RECAP

• The product life cycle describes the stages a product goes through from when it was first thought of until it finally is removed from the market. 

• The four stages of the Product Life Cycle are : Introduction, growth, maturity and decline.

• There are various to extend the life of a product. Some of which includes: changing of product version, price or packaging.

• The Boston Matrix is a chart that businesses can use to analyze the products in their product portfolio for strategic planning.

• The Boston Matrix has four quadrants; star, question mark, cash cow and dog.

EXAM-STYLE QUESTIONS

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