Marketing: Product

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  • Created by: Ailish
  • Created on: 05-05-13 16:24
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  • Marketing-Product
    • A business can make their product different by changing the name, design and formulation and the packaging.
    • The product life cycle
      • 1. Introduction: This is where the product is launched.
      • 2. Growth: This is where sales show their most rapid growth. The product is still new and is in great demand e.g. HD TV
      • 3. Maturity: The product reaches its peak sales and is at it's most profitable point.
      • 4. Saturation: Competitors start offering similar products and sales stop growing although sales are still high e.g. ipod.
      • 5. Decline: The final stage in the life cycle where sales start falling as consumers see it as old e.g. vcr.
      • Extension stratergies: When a product starts to decline a business will often try to extend it's life using added features, an advertising campaign or lowering the price of the product.
      • A diagram of the product life cycle


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