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Lecture notes Marketing Mix Product Principles of Marketing, ISBN: 9781292269566
the document uploaded is the explanation of the the role of a product in marketing mix.
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MARKETING MIX: PRODUCTWhat can be defined as a product?
DEF: “A product is anything that can be offered to a market for attention, acquisition, use or
consumption that might satisfy a want or need. It includes physical objects, services, persons,
places, organisation and ideas.” (Kotler, 1984)
Any form of value that is offered in exchange for money, votes or time can be called a product. A
product can be tangible or intangible (services)
The products can be divided into two groups:
Product line a group of products that are closely linked in terms of their functions and the
benefits they provide.
Product mix a set of brands or products marketed by a company. It is the sum of the
product lines offered.
in terms of product offering it is important to highlight that there are 3 levels of products:
1. Core benefit
2. Actual product
3. Augmented product
Portfolio Planning
The process in which groups of brands manage their product lines is called portfolio planning; the
main purpose of the brands is to decide which products to invest in, hold or withdraw support from.
The Boston Consulting Group’s (BCG’s) growth-share matrix is a technique that has proved useful
in helping companies to make product mix and/or product line decisions.
Product Life Cycle
Products and Brands need to be managed over time, due to the dynamic environment.
A useful tool for conceptualising the changes that may take place during the time a product is in the
marketplace is the, Product Life Cycle.
The PLC empathises that marketing Objectives and Strategies need to be reviewed. The Product
Life Cycle is dived into 5 stages:
1. Introduction: the new product is developed with aim satisfying the need of a particular group
of consumers. At this stage the demand of the product is low.
2. Growth stage: there is an increase in demand due to the numerous promotions. This growth
can only be maintained only by delivering quality products. this phase is also called “Take
off stage”
3. Maturity stage: in this phase the demand of the product decreases, meaning that the brand
must find a new promotion strategy to increase the sales.
4. Saturation stage: in which the growth of the sales stops.
5. Decline stage: the demand of the products is very little in such cases the sales to reduce
drastically
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