marketing mix

i hate it here but i like good grades so here i am😔

marketing mix

all the activities which go into marketing

the four P’s

* price
* product
* place
* promotion

branding

giving a product **a unique name and packaging** so that it stands out from similar ones produced by competitors

product

the good or service itself- the business has to consider how the products compare to the similar ones on the market

price

a comparison must be made with the prices of the competitors

place

the channels of distribution that are selected- how the product is going to get to the customer

promotion

how the product is advertised

types of goods

* consumer goods
* consumer services
* producer goods
* producer services

consumer goods

goods by consumers for their own use

consumer service

%%**services that are bought by customers**%% for their own use

producer goods

goods produced ^^**for other businesses to use**^^

producer services

services to help other businesses

what makes a product successful

1. satisfy existing needs and wants of consumers
2. design - performance, reliability, quality and it should be consistent with the brand image
3. capable of stimulating new wants from the consumer
4. reasonable prices
5. unique from competitors from competitors

steps to developing a new product

1. generate ideas
2. select and idea to research further
3. decide if product will sell well
4. develop a prototype
5. test the market in one area
6. launch

benefits of developing a new product

* unique selling point
* diversification
* allows expansion into new markets

costs of developing a new product

* carrying out market research
* producing of prototypes
* lack of sales if the market research goes wrong

importance of brand image

* gives product a USP
* leads to loyalty
* assurance of higher quality
* competitive advantage

roles of packaging

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

product life cycle

^^**the stages a product will pass through**^^ from its introduction through its growth until its mature and then finally its decline

the cycle of a product

1. development
2. introduction
3. advertisment
4. growth
5. maturity
6. saturation
7. decline

how to extend a product life cycle

* introduce new variations of the original product
* sell into new markets
* make small changes to the product design
* use new advertising campaign