Part 2

Question 1

Marketing mix
Product in marketing mix
Product life cycle

Answer 1

Marketing mix- The elements of a business’s marketing that are designed to meet the needs of its customers
Four elements - Price, Product, promotion and place

Product in Marketing mix-
Product - means the goods and services that a business provides for its customers. Packaging is an important part of ‘product’

Product life cycle- Shows the stages through which a product passes through over time and the level of sales at each stage:
Development 
Introduction 
Growth 
Maturity 
Saturation 
Decline 

Extension strategies- 
Changing the product 
Changing the packaging 
Lowering the price 
New advertising campaigns 
Selling products in new places