Slide 1

VERTU phone Slide 2 MARKETING MIX Slide 3 PRODUCTPRICE PROMOTION PLACE P P PP Slide 4 Marketing Mix Product Appearance Function Cost Price Cost based Competitor based Consumer based Promotion Advertising Sales promotion Personal selling Place Retailers Wholesalers Distribution Slide 5 Product Brand loyalty what makes customers stick to a particular brand? Product differentiation created by: Unique design Unique product function e.g. iphone Unique taste e.g. Dr Pepper Superior performance e.g. Dyson Slide 6 Product Life Cycle Shows the different stages in the life of a product and sales that can be expected at each stage. Slide 7 Sales Time IntroductionGrowthMaturity Decline DevelopmentSaturation Similar products enter the market Price lowered Some businesses my be forced out of the market Sales falling Profits continue to fall Sales reach its highest point Rate of growth Slows Competitors enter the market Sales increasing rapidly Profits will reach their highest at the end of this stage Sales are low Profits will be negative Product may be unknown Product is being designed Slide 8 Use of the PLC Illustrate the broad trends in sales revenue Identify points at which the business may need to consider launching new products as older ones are in decline Help business identify when and where spending is required e.g. advertising Slide 9 Different life cycles Products with long life cycle? Products with short life cycle? Slide 10 Extending the life cycle Introduction Growth Maturity Decline Sales Time Saturation Slide 11 Extension Strategies Find new uses for the products Finding new markets for existing products Develop a wider product range Aiming the product towards specific target markets Changing appearance or packaging Slide 12 Product Mix/Portfolio Slide 13 Boston Matrix