Business Studies Unit 19 The Marketing Mix: Product & Packaging

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?
Consumer Goods
Consumer Services
Producer Goods
Producer Services
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?
Generate Ideas
THEN
Select best ideas for research
THEN
decide if the company will create profit
THEN
Develop a prototype
THEN
Test the market by launching in a small market
THEN
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?
Development
Introduction
Growth
Maturity
Saturation
Decline
What are some ways in which a product’s life cycle can be extended
Come out with different versions with new USPs

Advertise more

Sell into new markets