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The Marketing Mix: Product

Textbook , Chapter 12 [pg 156-166]

Name: ………………………………………………… Class: …………

 

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Learning outcomes:

• Identify the marketing mix (4Ps’) • Differentiate type of product • Identify costs and benefits of developing new products • Explain how the brand image can impact on sales and customer loyalty • Identify role of packaging • Demonstrate an understanding of the product life cycle; main stages and

extension strategies • Draw and interpret a product life cycle diagram • Discuss how the stages of the product life cycle can influence marketing

decisions.eg: promotion and pricing decisions

 

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The Marketing Mix (4Ps’) P_________ P_________ P_________ P_________ Types of products 1) C_________ goods = Goods that are used up by consumers. (Example: ___________) 2) Consumer s_______ = Services that are produced for people. (Example: __________) 3) P ________ goods = Goods produced for businesses. (Example: __________) 4) Producer s_______ = Services for businesses. (Example: _______________________)

 

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What makes a product successful?

• It __________ existing needs and wants of consumers.

• It has g_______ design- performance reliability; quality should all be consistent with the product’s brand image.

• It is _________ of stimulating new wants from the consumer.

• It has something very __________ that makes it appear different.

• The business has produced the _________ product / introduce new

changes to the original product before its competitors.

• The product is not too ________ to produce (relative to the price that could be charged).

 

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Product Development

1.

2. Select the best ideas for _______________________

3. _______________________ _________________________for the product to be a success _______________________

4. _________________________

5. _______________________ _________________________to test the market _______________________

6. Go to a ____________ of the product to the whole market.

 

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The Costs and Benefits of developing new product

Benefits (Advantages) Costs (Disadvantages)

The Importance Of Brand Image

• Unique name. • Unique packaging. • Needs advertising to enforce the brand’s qualities. • Higher price than unbranded products. • Higher quality than unbranded products. • Creates a brand image (unique image associated with using the product). • Creates brand loyalty. • Consistent quality.

 

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Definitions to learn:

Unique Selling Point (USP) ____________________________________

___________________________________________________________

Brand name ________________________________________________

___________________________________________________________

Brand loyalty ________________________________________________

___________________________________________________________

Brand image ________________________________________________

___________________________________________________________

Packaging __________________________________________________

___________________________________________________________

Packaging Reasons:

1) To protects the product. 2) It is suitable for the product to fit in. 3) It is easy to transport the product. 4) It is eye-catching. 5) It carries information about the product. 6) It is easy to open the container and use the product. 7) It promotes the brand image.

 

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The Product Life Cycle (Draw the diagram)

Extending the product life cycle

1) To introduce new variations of the original product.

2) To use a new advertising campaign.

3) To sell into new markets.

4) To introduce a new, improved version of the old product.

5) To make small changes to the product’s design, colour or packaging.

6) To sell through additional or different retail outlet.