promotion
product
price
process
people
place
physical evidence
1 of 7
what is a product?
anything that is capable of satisfying customer needs or services too.
2 of 7
types of consumer goods:
bought and used by consumers rather than by companies to manufacture other goods; convenience, shopping, specialty
3 of 7
marketing mix for consumer goods:
-will need more advertising
-will have to inform and educate customers about benefits of products
-used to produce goods which will be bought by consumers
have a future productive use such as machinery or tools
4 of 7
marketing mix for industry goods:
-capital equipment; lorries, desktop
-can be expensive so marketing process needs to be different to consumer goods
-reputation is critical, limited number of customers, companies build relationships with clients
-products are technical so engineers may b
5 of 7
product life cycle
how long a product lasts;
development
introduction
growth
maturity
decline
6 of 7
new product development:
-first stage of product life cycle, product is designed and market research is analysed
- cashflow is tight, expensive phase, product is making no revenue
-all capital is an investment, always risk of the product not being a success
7 of 7
Other cards in this set
Card 2
Front
what is a product?
Back
anything that is capable of satisfying customer needs or services too.
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