Chapter 30: Using the Marketing Mix Product. Elements of a successful product – Product Design Reliability Safety Convenience of use Fashion Aesthetic.

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Presentation transcript:

Chapter 30: Using the Marketing Mix Product

Elements of a successful product – Product Design Reliability Safety Convenience of use Fashion Aesthetic qualities Durability Legal requirements Its financial viability Its effect on the organisation’s reputation Whether the company can produce it without difficulty

Elements of a successful product – New Product Development The stages of new product development are: 1.Generation of ideas 2.Analysis of ideas 3.Product development 4.Test marketing (a small-scale release of the product, usually in a limited area) 5.Launch

Influences on the development of new goods and services Technology Competitors’ actions Entrepreneurial skills of managers and owners Market research Ideas from other countries Personal experience Personal need and inventiveness Environmental awareness

Product Portfolio Analysis Product Portfolio - the range of products or brands provided by a business Product Portfolio Analysis – the study of the range of products with a view to deciding whether new products should be added to the portfolio and whether any existing products should no longer be provided 2 ways in which product portfolio analysis can be viewed: –The Boston Matrix –‘Focus on Core’ vs ‘Product Proliferation’

Boston Matrix Classifies products according to the market share of the product and the rate of growth of the market in which the product is sold Stars – products that have a high percentage market share in a high-growth market Cash Cows – products that have a high percentage market share in a low-growth market Problem Children – products with a low percentage market share in a high-growth market Dogs – products with a low percentage market share in a low- growth market

‘Focus on Core’ vs ‘Product Proliferation’ Focus on core products or services – providing a relatively narrow range of products (ie: Coca-Cola and McDonald’s) Product proliferation – developing a diverse range of goods and services (ie: Virgin and Unilever)

Product Life Cycle 1.Development (ideas, research, developing, testing, launching product) 2.Introduction 3.Growth 4.Maturity (sales stabilising) 5.Decline 6.Extension strategies (trying to stay in the maturity stage for as long as possible)

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