Product Lifecycle

Product Lifecycle - 

Intrduction

Growth

Maturity

Decline

Saturation

Key definitions 

Purpose of Marketing - Attraction of customers and to create interest

Marketing Mix - Price , Production , Promotion , Place

• Products : The different range of goods/ services a business chooses to sell
• Price ; How much a product costs
• Promotion ; Rasing awareness of a product eg . Advertising, Sales Promotion, Direct Marketing and sponsorship.
• Place : The suitable place to sell a product.

Importance of identifying customers- Identifying who the customer is and their needs

Market Segmentation - Who the product is aimed at 

MMarket Research - Ways to find out what a customer wants

Primary Research - Gathering new data

Secondary Research - Data already gathered

Quantative - Using numbers for research

Qualitative - Using views and opinion for research

Product - The object which is selling

WHAT EFFECTS PRICE ?

- Market price

How much it costs to make

Prices charged by competitors

  also 

- Pricing Techniques 

-- Competitive Pricing

- Nature of the product 

- Cost of production

COST LED PRICING

The business will charge prices based on the production  costs

The price will be calculated and then a markup of profit margin will be added to arrive at the price charged

MARKET LED PRICING

A  business will charge a price based on the market and competitors.

MARKET lLED STRATEGIES

Competitive - CHarging similar prices to your competitors

Penetration - To launch a product with a low price to get sales quickly and try to establish a product as the market leader.

- Skimming - When a high price is set for the…