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Published byMartha Underwood Modified over 9 years ago
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Marketing Mix ProductPromotionPricePlace
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PRODUCT A product can be either: A good This is tangible (Can be seen, felt, touched, tasted)
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PRODUCT A product can be either: A service
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PRODUCT A product can be either: An event
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PRODUCT A product can be either: An idea
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PRODUCT A product can be either: A person
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PRODUCT A product can be either: A place
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TYPES OF PRODUCTS Products can fall into the following categories: (1)Convenience products These are frequently bought and require minimum thought and consideration.
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TYPES OF PRODUCTS (2) Shopping products These are bought only after a great deal of consideration and comparison of their price and quality.
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TYPES OF PRODUCTS (3) Specialty products These are products with unique characteristics or brand identification for which are consumers are willing to make a special effort.
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(4) Unsought products These products do not sell themselves. The marketer has to make the public aware of them through advertising. Consumers are not interested in buying them because they do not see them as essential
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FeaturesBranding Packaging Product Life Cycle
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Feature
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Features
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Activity: You have one minute to: List the features of a digital camera Features
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Possible answers: Number of megapixels Size of memory Optical Zoom Type of lens LCD Focus Self-timer
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What is a Brand? This is a name, slogan, sign, symbol or logo that is used to distinguish between products of different companies Branding
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A recognized brand might be: The use of the ‘Mc’ name by Mc Donald’s in their products (Egg Mc Muffin, Chicken Mc Nugget)
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The Nike ‘swoosh’ logo
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The three stripes design on Adidas sports equipment
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The slogan ‘Finger Licking Good’
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The colour green in bmobile
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Why is Branding important? It allows manufacturers to advertise the characteristics and qualities of their products It helps to build brand loyalty It allows customers to easily identify brands
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Some brand names are so well known that they are used to refer to the type of product.
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Brand loyal customers do not simply go the store for: CheeseSoft Drink Coffee
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Homework: Find out the TOP 10 most valuable brands worldwide
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1.Coke 2.Microsoft 3.IBM 4.GE 5.Intel 6.Nokia 7.Toyota 8.Disney 9.Mc Donald’s 10. Benz The Coca- Cola Company’s image was the most valuable 8 yrs in a row
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Packaging is the outer wrapping or container for goods. Packaging
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Reasons for packaging It protects the product from damage and keeps it fresh It enhances the appearance of the product
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Reasons for packaging It preserves the life of the product It makes it convenient for customers to handle It gives information such as ingredients, expiry dates, correct usage and potential hazards
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Convenience
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Safety
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Appearance
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This refers to the different stages that a product goes through during its lifetime Product Life Cycle
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PRODUCT LIFE CYCLE (PLC)
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Introduction Once a product is developed, it is launched into the market. Advertising is high in this stage to make consumers aware of the product. Sales are low in the beginning of the lifecycle.
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Growth If the product is successful, sales and profits will rise. This is the stage where most customers are persuaded to purchase the product.
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Maturity At this stage, sales begin to slow down and even decline. Companies try to improve the product or find a new one to replace it.
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Decline In this stage, it is clear that the product has lost its appeal. Companies withdraw their products if they do not want to make losses.
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Examples Flat Screen TV I Pods VHS Mp4 Players Film Cameras Digital Cameras Wi-Fi phones/ laptops Typewriters Hand-written letters Personal computers Portable DVD players
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