The department which links the company with customer tastes, wants and needs. It develops the Marketing Mix.

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Presentation transcript:

The department which links the company with customer tastes, wants and needs. It develops the Marketing Mix

Promotion Place Consists of the 4 Ps of marketing Product The Marketing Mix Price

What is the difference between the product of small and large companies?

 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

Sales Time IntroductionGrowthMaturityDecline

Label the diagram Describe each stage (P113)

A step taken to extend the product lifecycle Examples  Updated designs  New advertising campaign  Targeting new markets with an existing product  New brand image

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

Virgin Money!

Read through the worksheet ‘Product Life Cycle’. Complete the table on Page 2. Answer question 1

 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

Questions  Why do customers still buy the iPod?  Why is the iPod starting to decline?

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