Understanding Marketing Mix and Product Lifecycle in Business
Explore the concepts of marketing mix, product lifecycle, and extension strategies in business. Learn about the differences between products of small and large companies, analyze examples of products through their lifecycle stages, and discover extension strategies used by companies like iPhone, Cadbury, and Nintendo. Understand how Virgin Money implements extension strategies and practice completing a product lifecycle worksheet.
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Presentation Transcript
MARKETING MIX: PRODUCT
WHAT IS MARKETING? The department which links the company with customer tastes, wants and needs. It develops the Marketing Mix
THE MARKETING MIX Consists of the 4 Ps of marketing....... The Marketing Mix Place Product Price Promotion
QUESTION! What is the difference between the product of small and large companies?
ANSWER Small businesses one product Large businesses a range of products This range is called a Product Portfolio/Mix They will have different target markets They may diversify
PRODUCT LIFE CYCLE - EXAMPLE Sales Introduction Growth Maturity Decline Time
TASK - DRAW A PRODUCT LIFECYCLE Label the diagram Describe each stage (P113)
EXTENSION STRATEGY A step taken to extend the product lifecycle Examples Updated designs New advertising campaign Targeting new markets with an existing product New brand image
TASK 2 Explain how these products extended their product lifecycle? What could be the problems of doing this? iPhone Cadbury Dairy Milk Nintendo Wii Crunchy Nut Cornflakes Lucozade
VIRGINS LATEST EXTENSION STRATEGY Virgin Money!
TASK 3 Read through the worksheet Product Life Cycle . Complete the table on Page 2. Answer question 1
TASK 4 http://news.bbc.co.uk/1/hi/uk/7814502.stm Questions Why are customers prepared to pay a higher price for energy efficient light bulbs Explain why the 100 watt light bulb is being phased out by retailers
TASK 5 Questions Why do customers still buy the iPod? Why is the iPod starting to decline?
