MARKETING MIX

Marketing mix are elements of a firm’s marketing that are designed to meet the needs of customers.

We have learned about 4 Ps of the marketing mix. They are: product, price, place and promotion.

A product could also be defined as anything – goods, services and ideas – that can be offered in a market to satisfy customer needs and wants.

For a product to be considered successful, it has to be reasonably priced; satisfy the needs and wants of customers.

Although packaging is the physical container or wrapping for a product, it is also used for promotion and selling appeal.

Repackaging and new sizes: the appearance of the product can be crucial gaining a customer's attention and developing interest

Change product– New and improved versions of the product can be released… version 2.0 and then version 3.0.

Change price– Price can be lowered to allow new customers to buy it. Change place– Products can be sold in different countries or territories to gain more sales.

Change promotion– Different advertising or sales promotion techniques can prolong the life of the product, giving it a new image.

Change packaging– The style of the packaging may be changed to give the appearance of a new and improved product.

Change usage– Existing customers can be encouraged to buy more of the product or to use it in a different way. For example breakfast cereals used advertising to show consumers eating cereal at different times of the day.

Change name– If a product has suffered from bad publicity and sales are falling, a tried and tested technique is to simply change the name of the product.

The product life cycle describes the stages a product goes through from when it was first thought of until it finally is removed from the market. 

The four stages of the Product Life Cycle are : Introduction, growth, maturity and decline.

There are various to extend the life of a product. Some of which includes: changing of product version, price or packaging.

The Boston Matrix is a chart that businesses can use to analyze the products in their product portfolio for strategic planning.

The Boston Matrix has four quadrants; star, question mark, cash cow and dog.