Using the marketing mix

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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

  1. creativity coming up with the idea
  2. defining the concept
  3. developing the concept
  4. testing and finalizing the concept
  5. full product launch
  6. 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

  product portfolio

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
  • decline

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.

BOSTON Matrix

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

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