Marketing Mix

As Business studies notes, on marketing mix

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  • Created on: 14-05-11 14:20
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The Marketing Mix- 4p's Revision Notes
Product
Definition-
Product: the good or service provided by a business
Product design: deciding on the make-up of a product so that it works well, looks
good and can be produced economically.
Product development: when a firm creates a new or improved good or service, for
release into an existing market.
There are Four elements to a successful product:
o Reliability- manufacturers such as VW have high reputation for their products
being reliable, this appeals to car buyers.
o Safety- Ford introducing a braking system which allowed a car to steer safely
after braking, prior to this cars weren't this safe, this will again appeal to
customers, and give them good reputation, especially with people with
children( families )
o Convenience of use- making sure the product is easy, and isn't hassle to use,
it aids you in everyday life, e.g. car companies make sure their dashboards are
designed for ease of use, with all key items in easy reach.
o Fashion- Attracts buyers to your product, it's trendy and cool, e.g. Renault
tries to focus on the boot of the megane car highlighting its uniqueness, it
attracts people who are looking for attractive cars.
o Aesthetic qualities- Ferrari spend a lot of time and money perfecting their
stylish design.
o Durabilty- making sure the product will last, and not just break straight away,
durable products generally give the business a good reputation because their
products are known to work. E.g. Volvo making long lasting cars, attracts
customers who are looking for products they will have for a long time.
o Legal requirements- the products have to be safe and legal, sometimes it has
to fit in with environmental requirements such as all new cars are forced to
redesign cars in order to improve exhaust emissions, meet stricter safety
requirements, and becoming more energy efficient.
All of these features above are those which satisfy the needs of the consumer. In
addition, other elements of product design are important to the business :
financial viability
It's effect on the organisation's reputation
Whether the company can produce it without difficulty
All new products go through various stages before they are ready for release. Each
stage is designed to reduce level of risk , but even after testing it is still not always
certain that the product will survive. The stages of development are :
o Generation of ideas, for some products these ideas will come form
within the company. This may take the form of research and
development, leading to the introduction of a new product. I

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For some products ideas will normally
come from externally sourced market research, which identifies what
the customer wants from the product their reactions to it, how they
want it to be sold etc.
o Analysis of ideas, the next step is looking at how achievable/feasible
these ideas are, and whether they meet the criteria of the business
objectives, fitting with its image.
o Product development, testing the product through a prototype or by
simulation on a computer.…read more

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Product portfolio analysis- only a few businesses rely on just one product, in a
multi-product firm they have a product portfolio, like Heinz for example they have 57
varities of product, the product portfolio can be seen in two ways the boston matrix
and focus on core vs product profileration.
Boston Matrix- a tool of product portfolio analysis that classifies products according
to the market share of the product and the rate of growth of the market in which
the product is sold.…read more

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Maturity
5. decline
stages of the product life cycle:
1. Development ­ in this stage a company will undertake various steps to
prepare a product for launch
o Generation of ideas
o Analysis of ideas
o Product development
o Test marketing
o Launch
2.…read more

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Changing the image- lucozade was originally a drink to overcome illness but Is
now more successful as an energy drink.
o Targeting new markets this can involve moving beyond the original region or
country targeted by the product in order to appeal to different consumers.
o Promotions , advertisements and price offers- to maintain consumer
interest, new advertisements, prizes, competitions and promotions such as `
buy one get on free' can be introduced.…read more

Comments

davidsalter

These are comprehensive notes on the product part of the marketing mix, including product life cycle and boston matrix.

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