What is the role of product in the marketing mix?
Probably most important because product is what makes the sales and what all the preparation revolves around.
What are four types of product a business can produce?
What are characteristics of a good product?
It satisfies the wants and needs of a consumer
Is sold at an appropriate price
Is sold with appropriate quality
Produces a profit for the producers
Ensure that the product is durable
What is the product development cycle?
Select best ideas for research
decide if the company will create profit
Develop a prototype
Test the market by launching in a small market
full launch to whole market
What is a brand name?
The unique image/name of a company which identifies itself with the consumers and differentiates companies within consumers
What is the role of packaging in the marketing mix?
Has to be an appropriate storage place for the product to be stored in. It has to provide protection but should also to be able to be used easily
(e.g shampoo in a can is not good)
Packaging should also be used for promotion of the product. The desire of a product extends outside of advertising and to create desire the packaging must be desirable
What are the stages of a product life cycle?
What are some ways in which a product’s life cycle can be extended
Come out with different versions with new USPs
Sell into new markets