1a. Product - The Design Mix

What does the marketing mix do?

It provides a framework for businesses to create and implement successful marketing strategies

What is the marketing mix?

• Product

• Price

• Place

• Promotion

How do the four components of the marketing mix work together?

They satisfy the needs and wants of a target market while helping the company achieve its objectives. By adjusting each element to meet customer preferences and market conditions, a business can offer a compelling value proposition that drives sales and builds brand loyalty

What is the product design mix?

The combination of elements that make up a product’s design

What are the elements of the product design mix?

• Function - the purpose of the product or service

• Aesthetics - how the product looks and feels

• Cost

What are the two types of products businesses offer?

• Tangible goods - can be physically held

• Intangible services - customers pay for but can’t physically touch, such as a web hosting service

How does balancing function, aesthetics, and cost impact product design?

It ensures that the product design is both functional and attractive, while also being cost-effective for both the manufacturer and the consumer

What is function?

Refers to its intended purpose and the specific tasks it is designed to perform. This is the most important aspect of its design because it determines how well the product will meet the needs of its intended users

What is aesthetics?

Refers to the product’s visual and sensory appeal, including its form, shape, colour and texture. This plays an important role in attracting customers, creating brand loyalty and generating word of mouth recommendations

What is cost?

Must be considered when designing a product, as it directly affects the price point at which it can be sold. A well designed production should balance this with value, ensuring that customers perceive the product as valuable enough to justify its cost while still maintaining profitability for the manufacturer