12 Marketing mix : product Flashcards
(28 cards)
What is the marketing mix?
All activities associated with marketing a product/service. They are divided into the 4Ps - price, product, place, promotion.
What is the producer aim to make the customer believe in when he makes a product?
convincing customers that the product is the ONE that meets their needs and wants than any competitors product.
What does the producer do to reach to that aim?
he uses branding.
What is involved in branding? What should exist to make a brand?
creating a unique name and packaging.
Why is the product most important element in the marketing mix?
because all other elements won’t affect much without the product. They cant reach marketing success without the product.
What are the types of products?
- Consumer goods
- Comsumer service
- producer good
- producer service
What is a consumer good? give example.
products bought by customers for their own use. food, furniture,etc.
What is a consumer service? give example.
A service bought by consumer for their own use. education, car repair, etc.
What is a producer good?
goods made for other businesses to use. trucks, machinery, equipment, etc.
What is a producer service? give example.
service made to help other businesses. insurance, advertising agency.
What makes a product successful?
- satisfy customer needs
- profit covering costs
- quality matches brand imaged
- first to be produced
- USP
What are the stages of product development?
- generate ideas
- select the best idea for market research
- decide whether the company will sell enough for the product to be successful
- develop a prototype
- launch the product in one area to test the market
- launch the product
What is the use of a prototype?
it allows operation dept to:
- see how the product is made
- foresee any problems with the manufacturing process
Why is the product being tested before the big launch?
to see how the product sells without actually committing large amounts in a massive launch.
What if the product does not sell?
altered/ scrapped
What are the benefits of making a new product?
- entre new market
- 📈
- USP
- diversification of products
What are the costs of making a new product?
- market research
- trial product & wasted materials
- lack of sales if the target market is the wrong
- loss of company image if the 📦does not satisfy customer needs
What is the role of packaging?
- protect the product
- suitable for delivery
- appealing to customers
- promoting the product
What are the stages of product life cycle?
- development
- introduction
- growth
- maturity
- saturation
- decline
How are sales doing during development?
Good ngl, but there are no sales∴ the 📦 is not launched yet
What happens during the introduction stage?
- sales start to grow slowly ∴ the 📦 is not known yet
- informative ad make the product known
- no profits ∴ development costs are not yet covered
- price skimming 🥫 be used
What happens during the growth stage?
- adv becomes persuasive to gain brand loyalty
- sales start to grow rapidly
- prices are a bit reduced ∴ new competitors are entering the market
- profits are made as development costs are covered
What happens during the maturity stage?
- sales are 🔼 slowly
- competitive/ promotional pricing is used
- profits are at their highest
- competition is high
- lots of advertising
What happens during the saturation stage?
- sales stop at their highest point
- competition is at its highest
- competitive pricing is only used ∵ profits 🔽
