Using The MM

Product

Product Development

product development is changing the aspect of goods and service to meet the changing needs of existing customer or to target a different market

 Importance Of Product Development is important because no market stand forever and it would be dangerous for a business to assume that a successful product will be just as popular in a years time

-business can meet wider range of customer needs

-by modifying aspect of a product by adding to an existing product line

production process

1)coming up with new ideas to meet customer needs

2)turning an idea into real business opportunity

3)define the customer requirements

4)controlled release to test the market

5)employing all elements of marketing mix

6)monitoring sales and improving features to increase longevity

USP

USP is a feature or function of a product that makes it different to any other on the market

-Factors Influence Product Development

-Advanced in technology  

-Action of competitors

-The entrepreneurial skills of manager and owner

BOSTON MATRIX


Question mark
a product with small share of a growing market. need high level of investment to become well established in the market

Rising Star
high share of a growing market. marketing resources and effort should be concentrated on this type of product so that market share is maintained

The cash cow
high share in a low growth market, any increase in sales will be at the expense of a competitor; low maintenance; little marketing expenditure needed; relatively high profits

The dog
low share of a declining market; may be kept going because they complete a product line; can possibly be revived

Marketing mix:promotion

Marketing promotions – Marketplace Activity Data Questions

  • 1. Explain what PR stands for and what it means (2)

PR stands for public relation. Public relation means the

  • 2. List 3 methods of PR (3)
  • 3. Briefly explain the role of the Publicity Officer (1)
  • 4. Justify why PR is potentially more effective than advertising (3)
  • 5. What is a brand? (2)
  • 6. Give an example of 1 brand (1)
  • 7. List 2 reasons for branding (2)
  • 8. What is brand positioning? (2)
  • 9. Justify why organisations develop their own brands (3)
  • 10. What is the definition of merchandising (1)
  • 11. Briefly explain what sales promotion is (1)
  • 12. List 3 key features of merchandising (3)
  • 13. Give 3 methods of sales promotion (3)
  • 14. List 3 benefits of sales promotion (3)
  • 15. Giving 2 examples to support your answer, explain what direct selling is (3)
  • 16. Define the process of direct mailing, giving 1 benefit of using this promotion method (2)
  • 17. Giving 1 example of exhibitions/trade fairs, explain what this promotion method involves (1)
  • 18. State 2 disadvantages of personal selling(2)
  • 19. What other process can be linked to direct selling and mailing (1)
  • 20. What is the role of packaging in marketing promotion? (1)

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