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Marketing Mix - PRODUCT
Marketing Mix - PRODUCT
PRODUCT
Marketing
It is communicating the value of a product,
service or brand to customers, for the purpose of
promoting or selling that product, service, or
brand.
Marketing techniques include choosing target
markets through market analysis and market
segmentation, as well as understanding
consumer behavior and advertising a product's
value to the customer.
7P’S OF MARKETING
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 1940s after James
Culliton had described the marketing manager as a "mixer of ingredients".
E. Jerome McCarthy later grouped these ingredients into the four categories
that today are known as the 4 Ps of marketing
MARKETING MIX
Consumer Products
Products purchased to satisfy personal and
family needs
Business Products
Products bought to use in an organization’s
operations, to resell, or to make other products
(raw materials and components)
1. Consumer Products
Convenience products
-low priced, many locations, bought frequently
Specialty products
-special purchase effort, unique, brand identification
-exclusive distribution
Shopping products
-bought on suitability, quality, price and style
Unsought products
-new innovation, requires advertising and selling
2. Business Products
Installations
-facilities and nonportable major equipment
Accessory Equipment
-equipment used in production or office activities
Raw Materials
-basic natural materials that become part of a physical
product
Component Parts
-items that become part of the physical product
2. Business Products
Process Materials
-materials that are not readily identifiable when
used directly in the production of other products
MRO Supplies
-maintenance, repair, and operating items that
facilitate production and do not become part of
the finished product
Business Services
-intangible products that many organizations use in
their operations such as cleaning, legal, consulting,
and repair service
Product life cycle
• A product life cycle consists of the aggregate demand for all
brands comprising a generic product category over time.
• The product life cycle is the combination of these stages form the
time they are introduced until the time they are withdrawn.
Product life cycle
• Introduction — most risky and expensive
• Growth — both sales and profits rise, often rapidly
• Maturity — sales increase at a decreasing rate and profits decline
• Decline — demand drops, often because of another product development.
Product Line & Product Mix
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Why Some Products Fail and
Others Succeed
Reasons for Product Failure
• Product’s value or features did not match customer needs
• Ineffective or inconsistent branding that failed to convey
the right message or image to customers
• Technical or design problems
• Poor market timing
• Overestimation of market size
• Ineffective promotion
• Insufficient distribution