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Assignment 3.4

2159 words - 9 pages

When creating a new product for a company, you would need to know the marketing mix, which provides an excellent framework for developing marketing plans. The marketing mix generally consists of four key things and they are product, price, promotion and place, when these marketing objectives have been agreed upon, marketing plans must be developed to achieve goals (Bevan, et al., 2010). The first thing that you have to look at is the product, which is anything that can be offered to a market that can satisfy a need. The marketing mix has objective that they are meant to achieve such as support brand building, the marketing mix supports the building of brands through product strategies. ...view middle of the document...

, 2010).
Products can be physical goods, services, events, properties, organisations, information and ideas, therefore a product is combination of goods and services, like when buying a car you pay for the car and then receive after sales service (Bevan, et al., 2010). Many business’ product also have many different ranges and a business constantly change and update their product range. If a business has a low variety of products, the range could become very difficult to maintain, it is recommended that a business never uses just one type of product within the market, because it could mean the failure of the business. The product range of a business is often limited to the expertise that a company has in an area. Some businesses adapt to that and change, while other businesses fail. (Bevan, et al., 2010).There are businesses that have identified its target customers and to do this they have to know what their business should provide to appeal to their target audience and tell them what they need, for example a sports drink, it may contain glucose and caffeine, which would provide more energy, also not all benefits of the consumer are practical, like the benefit of a car is not always to get from A to B, there are also psychological benefits, such as status (being able to buy a very expensive car), sense of independence, happiness etc. but these can be difficult to measure and will vary from person to person (Bevan, et al., 2010). A product also has a life cycle and this theory is that a product lives a life, like a person. It is born, then grows up, then matures and then finally dies. In the introductory stage a product usually takes time to be accepted and there is only a slow growth in sales. They may charge high prices to try and cover their initial development and use a lot of promotion, but even then profitability may be difficult to achieve. Then the product surpasses the introductory stage and gains market acceptance, then their profits will grow rapidly. This is the stage where profit starts to really happen, because higher production rates, reduce the unit costs, but this happening would attract competition to be made and then the producers have to try and build a brand image of themselves to obtain dominance within the market. Then the maturity stages follows and this is usually the longest period in a products lifetime, but eventually the sales drop and the market finds itself with many different producers and some decide to leave the market, while employ new strategies, like apple with their iPhones, each time they release new versions with added features to attract new customers. (Bevan, et al., 2010)
Another thing that needs to be addressed is the price and the price is the amount of money that the consumer has to pay to be able to acquire the product, however the prices of the same product can vary considerably (Bevan, et al., 2010). A lot of companies use different methods, when it comes to their pricing, there are things such...

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