Product NOTE: These slides will help you to complete “Part 6: Marketing Mix Product” section of your coursework.

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Presentation transcript:

Product NOTE: These slides will help you to complete “Part 6: Marketing Mix Product” section of your coursework.

Business survive by selling the goods (physical) and services (non-physical) they produce. These are the PRODUCTS of the business. They are the most important feature of a business as without a product that customers want to buy, the business would be unable to continue. Remember that Thorpe Parks’ Products are all the goods and services – including all the rides, photos, food, attractions, stalls etc. Product Go to to remind yourself of all the products they offer.

Product Differentiation Product differentiation is where a product is given features that make it different from similar product e.g. mobile phones When feature makes a product stand out sufficiently, for customers to buy that product rather than others, it is called a UNIQUE SELLING POINT (USP)

Branding Giving a product a unique identity, usually by giving it a special name, is called BRANDING. E.g. Nike, Adidas, Reebok, Coke, Thorpe Park, Legoland, Alton Towers. OWN BRANDING is a product sold under the brand name of a supermarket chain or retailer rather that under the name of the business which manufactures it. E.g. Tesco own label.

Market vs. product oriented Product-led marketing is when a business uses the success of one product to make and market the next one sometimes without conducting market research. Apple used the success of the IPod to market the IPhone. Market-led marketing is when businesses do market research in find out consumers’ needs and then makes sure it meets them.

Mass vs. Niche Marketing Mass Marketing occurs when a business aims a product at all (or most) of the market. Examples: Niche Marketing occurs when a business targets a product/service at a small segment of a larger market. Examples: