IGCSE Ch 12 Marketing Mix-Product L2
Presentation
•
Specialty
•
9th Grade
•
Medium
Nina Utami
Used 7+ times
FREE Resource
11 Slides • 24 Questions
1
Recap: Marketing Mix - Product L1
2
Multiple Choice
The marketing mix will emphasis four particular elements often referred to as the 4Ps, they are....
product, place, promotion and price
product, piece, promotion and price
product, place, pride and price
player, place, promotion and price
product, place, piece and pride
3
Multiple Choice
consumer market
producer/industrial market
target market
Marketing mix
4
Multiple Choice
A bottle soap powder
A washing machine repair service
A drink can filling machine
The design of an advertisement for computers
5
Multiple Select
The followings are the features of successful product (choose all the correct ones)
Design consistent with brand image
Having distinctive feature/s that makes it different
Hard to find/rare
Satisfy existing needs and wantsof customer
6
Multiple Choice
It will not have to do any advertising.
It can charge lower prices as a result of brand recognition
It can produce low quality products and sell them
It will have good consumer recognition of its products
7
Multiple Choice
contain important health and contents information
protect the cereal from being crushed whilst transported
be eye-catching and attract the consumers to the product
be able to be re-used by the manufacturer
8
I will be able
to………
Key Words
Product life cycle; Extension strategy
Ch 12: Marketing Mix – Product
Explain and apply the knowledge on:
•
the product life cycle: main stages and extension
strategies; draw and interpret a product life
cycle diagram
•
how stages of the product life cycle can influence
marketing decisions, e.g. promotion and pricing
decisions
07/05/2023
9
Key words
Keywords
Definition
Product life cycle
The stages a product will pass through from its introduction, through its growth
until it is mature, and then finally its decline.
Extension strategy
A way of keeping a product at the maturity stage of the life cycle and extending the
cycle
10
The
product
life cycle
Describes the stages a product will pass through from its
introduction, through its growth until it is mature, and
then finally its decline
11
Multiple Choice
True
False
12
Typical cycle of
a product
• Development
• Introduction
• Growth
• Maturity
• Saturation
• Decline
https://youtu.be/ob5KWs3I3
aY
13
Multiple Choice
What is the correct pattern of stages of product life cycle?
Introduction-Maturity-Growth-Decline-Development
Introduction-Development-Growth-Decline-Maturity
Development-Introduction-Growth-Maturity-Decline
Development- Introduction-Decline-Maturity-Growth
14
Characteristics of stages in product life cycle
Stages
General
Sales
Price
Advertising
Profit
Competition
Development
Prototype
N/A
N/A
N/A
N/A
N/A
Introduction
Product
launching
Slow growth
Price
skimming
Informative
None
None
Growth
Rapid growth
Reduced
Persuasive
Start making profit
New entrants
Maturity
Slow increase
Competitive/
Promotional
A lot
Highest
Intense
Saturation
Stabilised at
highest point
Competitive
(reduced)
High and
stable
Falling
High with no
new entrants
Decline
Product
withdrawal
Decline
Far reduced
Reduced and
ceased
None/negative
Too high
15
Multiple Choice
In this stage:
•Slow increase in sales
•Highest profits
•A lot of advertising
•Intense competition
•Competitive price
Product development
Introduction
Growth
Maturity
Decline
16
Multiple Choice
In this stage:
•Declining sales
•Far reduction in price
•No/negative profits
•Product withdrawal
•Reduced/ceased advertising
Product development
Introduction
Growth
Maturity
Decline
17
Multiple Choice
During this stage, the product is launched. Usually a loss is made during this phase as Sales are low (but increasing)
Development
Introduction
Growth
Maturity
Decline
18
Multiple Choice
In this stage:
•Begins when the company develops a new-product idea
•Sales are zero
•Investment costs are high
•Profits are negative
Product development
Introduction
Growth
Maturity
Decline
19
Multiple Choice
In this stage:
•Rapidly rising sales
•Average cost per customer
•Rising profits
•Early adopters are targeted
•Growing competition
Product development
Introduction
Growth
Maturity
Decline
20
Multiple Select
What could a business do in the decline stage?
remove the product from the market
use a product extension strategy
increase production
sack the directors and start again
21
Multiple Choice
What is happening at point C on the Product Life Cycle?
Introduction
Decline
Maturity
Growth
22
How the stages of the product life cycle
influence marketing decision- Pricing
Introduction
Product sold at high
price
Growth
Relatively higher price
than competitor
Saturation or
maturity
Reduced price due to
declining sales
Declining
Substantial price
discount offered
23
How the stages of the product life
cycle influence marketing
decision- Promotion
• Higher promotion spending at
introduction stage
• Reduced at later stage
• Might be increased again if ‘extension
strategy’ is adopted
• Extension strategy:
“A way of keeping a product at the
maturity stage of the life cycle and
extending the cycle”
24
Multiple Choice
Which stage requires lots of advertising?
introduction
growth
maturity
decline
25
Extending the product life cycle
26
Multiple Choice
Extension Strategies
Product Sales
Service Expansion
Business Growth
27
Multiple Choice
Which one of the following is NOT an extension strategy
advertising
change the price of a product
add value
Explore new markets
Lower production and eventually discountiue the product.
28
Multiple Choice
A possible extension strategy is to add value. This means
Increasing the price of the product
Decreasing the price of the product
Add new features to the existing product
29
Multiple Select
A chocolate bar which has been sold for many years in the same packaging and has had the same brand image. There are several competitors’ brands of chocolate bars also sold in the market and sales have stabilised. What are the possible extension strategies?
Selling into new markets to increase sales of the well-known brand.
Introduce entirely new brand of chocolate to compete with the existing ones
Introduce new improved version of the old brand to increase interest again.
Introduce variations of the chocolate bars to increase interest from other market segments
30
Multiple Choice
A sports shoe that is worn when playing a particular sport. This sport is no longer very popular with young people. What is not the extension strategy for this product?
Discontinue the production and advertising of the shoes
Introduce variations of the sports shoe that is used with other popular sports
Introduce the shoe to other market segments (leisure shoe)
31
Multiple Select
The sales of a new model of a car have stagnated. The car is only sold in the home country where it is manufactured. What are the possible extension strategies for this car?
Use a new advertising campaign to renew interest
Accelerating the launch of an entirely new model of car
Selling into new markets overseas
32
Multiple Choice
A children’s toy which is only sold in toy shops and saw steady growth in its sales, but now the sales are stable and not increasing any further. What is not included as extension strategy for this product?
Sell through additional, different retail outlets.
Use a new advertising campaign
Increase the range of the toy by adding extras
Produce more of the toys
33
The impact of extension strategy
• Prolonged maturity
phase
• Businesses have range
of products at different
stages
• Product in growth
phase will counteract
those in decline
34
I have been
learning
to………
Key Words
Product life cycle; Extension strategy
Explain and apply the knowledge on:
•
the product life cycle: main stages and extension
strategies; draw and interpret a product life cycle
diagram
•
how stages of the product life cycle can influence
marketing decisions, e.g. promotion and pricing
decisions
35
Multiple Choice
What is the MAIN purpose of using a PLC?
to help with staffing issues
to improve customer service
to help make better marketing decisions over time
to lift salaries for directors
Recap: Marketing Mix - Product L1
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