Marketing Mix – Product

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Presentation transcript:

Marketing Mix – Product GCSE Business Studies Unit 1 Starting a Business Marketing Mix – Product

Images © thinkstockphotos.co.uk Learning Outcomes Demonstrate knowledge of the product life cycle and discuss the strategies used to extend it Demonstrate knowledge of the Consumer Rights Act, 2015 and the Consumer Protection Act 1987 Images © thinkstockphotos.co.uk

Images © thinkstockphotos.co.uk Product A business needs its product/service to appeal to the target market and stand out from the competition Things to consider: Appearance/design Function Cost USP (unique selling point) Market Position Establishing a strong brand image Images © thinkstockphotos.co.uk

Images © thinkstockphotos.co.uk Product Life Cycle A product life cycle shows the stages a product goes through from when it was first thought of until it finally is removed from the market. Stages of the Product Life Cycle: Research and Development Introduction Growth Maturity Saturation Decline ACTIVITY: (10 minutes) Discuss which stage of the Product life cycle a business would want their product to be in. Images © thinkstockphotos.co.uk

Images © thinkstockphotos.co.uk Product Life Cycle Images © thinkstockphotos.co.uk

Strategies used to extend the Product Life Cycle Businesses won’t want their products to fall into the decline stage. So they may try to extend the life cycle of their product by: Modify the product – adding value Change the packaging Increase promotion Reduce the price Find new market Encourage increased use of product Images © thinkstockphotos.co.uk

Legislation Relating to Products Consumer Rights Act 2015 www.which.co.uk/consumer-rights/regulation/consumer-rights-act Consumer Protection Act 1987 www.which.co.uk/consumer-rights/regulation/consumer-protection-act-1987 Images © thinkstockphotos.co.uk

Images © thinkstockphotos.co.uk Check List Learning Check – Do you know . . . About the stages of the product life cycle and the strategies used to extend it? The Consumer Rights Act, 2015 and the Consumer Protection Act 1987? Images © thinkstockphotos.co.uk

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