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Business IGCSE: chapter 12 marketing mix:product

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Marketing mix
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term used to describe all the activities to advertise a product
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4 Ps of marketing mix
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product price place promotion
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Types of product
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1. consumer goods 2. consumer service 3. producer goods 4. producer service
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the product need to
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1. satisfy customer wants and needs 2. right quality 3. price must ensure profit to be made 4. design must be able to last a long time
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process of developing product
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1. generate new idea 2. select best idea for further research 3. decide if company is able to seek enough 4. develop prototype 5. test the market 6. full launch
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Benefit of developing product
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1. Unique selling point 2. diversification of business 3. expand to new market 4. expan to existing market
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Unique selling point
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1. special feature that differentiates from competitor’s products
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disadvantage of developing new product
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1. cost of market research and analysing 2. cost of trial product 3. lack of sale if wrong target market 4. loss of company image if new product fail to meet customer needs
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brand name
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1. unique name to distinguish from other brands
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brand loyalty
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1. customer keep buying same brand over and over again instead of choosing competitor’s products
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Brand image
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1. image or identity given to a product which gives it a personality of its own and distinguish it from competitors
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Packaging
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physical container or wrapping for a product. Used for promotion and selling appeal
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Function of packaging
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1. have to be suitable for product to put it 2. should be appealing to customers
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Product life cycle
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1. Describes stages of product, which will pass through its introduction, growth, saturation, and decline
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Stages of product life cycle
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1. devleoped 2. introduced limitedly (price skimming) 3. grow rapidly (advertising=persuasively) 4. maturity 5. saturation 6. decline
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Introduction strategy
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1. price skimming 2. informative advertisement 3. limited range of exclusive shop
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Growth strategy
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1. price = raised (if penetration used earlier 2. establish strong brand image through promotion 3. increase range of outlets
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Maturity strategy
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1. lower price to remain competitive 2. sale promotion to promote repeated purchase 3. full range of distribution channel used
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Decline strategy
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1. lower price 2. relaunch=-extension strategy 3. sell mainly though low cost distribution channel
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Extending product life cycle
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1. introduce new variants 2. sell into new markets 3. make small change to design 4. new advertising campaign 5. introduce new improved version 6. sell through additional outlets