Marketing mix: a term to describe anything that is related to the market.
The four Ps of the marketing mix:
The four Ps of the marketing mix:
- Product: The design and quality of the product
- Price: the price at which the product is sold
- Place: Location or distribution place
- Promotion: This is the money that they have spent for promoting and advertising the product. There is also another way of promotion which is vouchers.
The role of product decisions in the marketing mix:
Large companies often have a department which focuses in one goal and that is to develop their product.
-Types of product:
Large companies often have a department which focuses in one goal and that is to develop their product.
-Types of product:
- Consumer goods: Goods that are used by people, such as food or computer,etc.
- Consumer services: Services that provided for people, such as a beauty salon, hotel, etc.
- Producer goods: Goods that are used for other businesses such as machine or vehicles, etc.
- Producer services: Services that are produced to help other businesses.
What makes a product successful?
- satisfies customer wants and needs
- design- performance and quality
- capable of stimulating wants from the customer
- reasonable price
- find the gap in the market and be the first business to produce the new product
- has something unique or distinctive
Product development
- Generate ideas
- Select the best ideas for further research
- Decide if the company will be able to sell enough
- Develop a prototype
- Launch the product somewhere in the country to test the market
- Full launch of the product to the whole market
The costs and benefits of developing new products
Benefits:
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Costs:
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The importance of brand image
Brand name is the unique name of a product that makes it stand out from other brands
Brand loyalty is when customers keep buying your product instead of other products for a long period of time.
Brand image is a characteristic given to a product which gives its own personality.
The role of packaging
Packaging is when the product is in the wrapping or sheltering process.
The product life cycle