Using the marketing mix
PRODUCT DEVELOPMENT: changing aspects of goods and services to meet the changing needs of existing customers or target a different market.
PRODUCT LINE: a set of related goods or services.
PRODUCT MIX: the full range of products offered by a business, also known as a product profolio.
6 stages of product development process
- creativity coming up with the idea
- defining the concept
- developing the concept
- testing and finalizing the concept
- full product launch
- managing the product cycle
factors that influence product development
- advance in technology
- the actions in competitors
- the entrepreneur skills of manager and the owner- how much risks are they willing to take?
- financial situation
the product life cycle: shows the different stages in the life of a product and sales that can be expected at each stage
- development stage
- introduction stage
- growth stage
- maturity stage
use of product life cycle:
- illustrates the broad trends in sales revenue
- identify points at which the business may need to consider launching new products as older ones are in decline.
is a model which analyses the goods and services offered by a business in terms of their share of the market, and whether the market itself is growing.
the question mark: a new product with a small share of growing market