Individual Product Decisions
Developing a product
Communicated Delivered
the benefits that the product will offer
Tangible Product Product features Attributes Product design
Product Quality
The term "marketing mix" became popularized after Neil H. Borden published his 1964 article, The Concept of the Marketing Mix Borden began using the term in his teaching in the late 1940's after James Culliton had described the marketing manager as a "mixer of ingredients"
Product Planning Pricing Branding Distribution channel Personal Selling Advertising Promotions Packaging Display Servicing Physical Handling Fact Finding Analysis
Grouped By E. Jerome Mc. Carthy
PRODUCT
PRICE
PLACE
PROMOTION
PRODUCTS The product is the physical product or service offered to the consumer. In the case of physical products, it also refers to any services or conveniences that are part of the offering. Product decisions include aspects such as: Functions Appearances Services Warranty Packaging , etc
Benefits
PRICE
Pricing decisions should take into account profit margins and the probable pricing response of competitors. Pricing includes not only the list price, but also discounts, financing, and other options such as leasing. Penetration Skimming Competition Product Line Bundle Psychological
PLACE
Place (or placement) decisions are those associated with channels of distribution that serve as the means for getting the product to the target customers. The distribution system performs: Transactional Logistical Facilitating Function Distribution decisions include: Market Coverage Channel Member Logistic Levels of Service
PROMOTION
Advertising Public Relation Media Types Special Offers Personal Selling Budget
Promotion decisions are those related to communicating and selling to potential consumers
Product Life Cycle
INTRODUCTION
DEVELOPMENT
MATURITY
GROWTH
TIME A product's life cycle (PLC) can be divided into several stages characterized by the revenue generated by the product. If a curve is drawn showing product revenue over time, it may take one of many different shapes, an example of which is shown ABOVE
DECLINE
SALES
Product Life Cycle
The primary goal is to establish a market
INTRODUCTION
Build primary demands for the product class Product Prices Place Promotion one or few products, relatively undifferentiated Generally high Distribution is selective and scattered Promotion is aimed at building brand awareness
Product Life Cycle
the primary goal is to gain customer preference Increasing sales
GROWTH
Product Prices Place Promotion
Improvement Product Quality Maintain high levels of demand Capture additional costumer Distribution becomes more intensive Increased advertising to build brand preference
Product Life Cycle
the primary goal is to maintain market-share Extending the Product life cycle
MATURITY
Product Prices Place Promotion
Modification made and added features Reduce in response to competition Capture additional costumer New distribution channels Emphasis on differentiation and building of brand loyalty
Product Life Cycle
Product DECLINING Prices Place Promotion Reducing product numbers and lines may be lowered to liquidate inventory maintained for serving niche market Distribution becomes more selective aimed at reinforcing the brand image for continued products.
the product life cycle concept helps marketing managers to plan alternate marketing strategies to address the challenges that their products are likely to face. It also is useful for monitoring sales results over time and comparing them to those of products having a similar life cycle
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