Marketing Mix : Products
Product Development: This is changing the aspects of products or services to meet the changing needs of existing customers or to target a different market. This is important because it helps to keep the sells high by providing the customers with their needs.
Product Line: A set of related goods or services.
Product Mix: The full range of products offered by a business also known as product portfolio.
Product Development Process:
Defining the Concept: This is putting the concept into practice.
Full product launch: This is when the company promotes the product by advertising it and launches the product everywhere nationally or internationally.
Managing the product cycle: This is monitoring the sales and states of the product in the market after it been launched.
Unique Selling Points: A feature or an element that makes the product different from any other product that exists. This is important because USP attracts the customer as the feature is not available with any other company or business.
Product Portfolio: Analysing the existing product mix to help develop a balanced range of goods and services.
- Development Stage
- Introduction Stage
- Growth Stage
- Maturity Stage
Stars: are high growth products competing in markets where they are strong compared with the competition. Often Stars need heavy investment to sustain growth.
Cash cows: are low-growth products with a high market share. These are mature, successful products with relatively little need for investment.
Question marks: are products with low market share operating in high growth markets. This suggests that they have potential, but may need substantial investment to grow market share at the expense of larger competitors.
Dogs: refers to products that have a low market share in unattractive, low-growth markets. Dogs may just generate enough cash to break-even.
Apple Case Study:
Star: Apple Mac
Cash Cow: iPhone
Question Mark: iPad
Dog: Apple TV