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MARKETING MIX: PRODUCT

Marketing Mix: Product

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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!. - PowerPoint PPT Presentation

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Page 1: Marketing Mix: Product

MARKETING MIX: PRODUCT

Page 2: Marketing Mix: Product

WHAT IS MARKETING? The department which links the

companywith customer tastes, wants and needs.

It develops the Marketing Mix

Page 3: Marketing Mix: Product

Promotion

Place

THE MARKETING MIXConsists of the 4 Ps of marketing.......

Product

The Marketing Mix

Price

Page 4: Marketing Mix: Product

PRODUCT

Page 5: Marketing Mix: Product

QUESTION!What is the difference between the

product ofsmall and large companies?

Page 6: Marketing Mix: Product
Page 7: Marketing Mix: Product

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

Page 8: Marketing Mix: Product

PRODUCT LIFE CYCLE - EXAMPLE

Sales

TimeIntroducti

onGrowth Maturity Decline

Page 9: Marketing Mix: Product

TASK - DRAW A PRODUCT LIFECYCLELabel the diagramDescribe each stage (P113)

Page 10: Marketing Mix: Product

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

Page 11: Marketing Mix: Product

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

Page 12: Marketing Mix: Product

VIRGIN’S LATEST EXTENSION STRATEGY

Virgin Money!

Page 13: Marketing Mix: Product

TASK 3Read through the worksheet ‘Product

Life Cycle’.

Complete the table on Page 2.

Answer question 1

Page 14: Marketing Mix: Product

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

Page 15: Marketing Mix: Product

TASK 5

Questions Why do customers still buy the iPod? Why is the iPod starting to decline?