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The Product
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The word product is given a very wide meaning in marketing.
The word “product” includes:
the good or service purchased
the packaging and labelling that surrounds a good
the brand name of the product.
Definition of a ProductT
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Product Life Cycle
Successful, long lasting products have a
four-stage life cycle.
These life cycle stages are:
Introduction
Growth
Maturity
Decline
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Introduction Stage
The introduction stage is
the most difficult stage in
the life cycle of a
product.
The first stage starts
when the product is
launched on the market.
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Introduction Stage
Sales growth is likely to
be slow because many
consumers will not be
aware of the existence
of the product and the
new product has to fight
for market share with
better known existing
products.
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Introduction Stage
Spending on
promoting the
product is likely to
be high.
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Growth Stage
The second stage in the life cycle of a
successful, long lasting product is the
growth stage.
In the growth stage, a product will
typically experience a rapid increase
in sales.
Many consumers are aware of and
are using the product.
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Maturity Stage
In the maturity stage of a
successful, long lasting
product’s life cycle, the
sales slow down, reach a
peak and start to decline.
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Maturity Stage
The maturity stage usually
lasts much longer than the
introduction and growth
stages.
In the maturity stage, it may
be necessary to modify the
product in an attempt to
increase the sales.
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Decline Stage
× In the decline stage, the sales
of a product continue to fall.
× The sales fall for a number of
reasons, including changes in
the tastes of consumers, the
introduction of new technology
and competition from other
products.
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Decline Stage
The product will continue to be
made and sold as long as it is
profitable.
The decline stage may last for a
number of years.
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Strategies to Revitalise
a Product A successful product that is in the late
maturity or decline stage of its life
cycle may be revitalised by using a
number of different strategies.
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Product Modification
This strategy involves
altering the product to
increase the demand
for the product. The
changes made to the
Barbie Doll in the late
1990’s are an example
of the use of this
strategy.
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Product Re-positioning
A product’s “position” in a market is the attitude that most consumers have about the product or the qualities that most consumers believe the product has. For example, Volvo is perceived as being a safe car to drive.
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Product Re-positioning
A marketer may be able to change the positioning of a product, and restore its profitability, by changing the way that a product’s benefits are understood by consumers.
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Product Line
A product line is
the number of
different products
sold by a business
that are used for
similar purposes.
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Product Mix
Many businesses offer more than
one product to consumers.
The full range of products offered
for sale by a business is known as
the product mix.
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Product Mix
The product mix of a business can
be divided into two parts:
the product depth, and
the product breadth
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Product Depth
The product depth is the number of
different products in each product line.
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Product Breadth
The product
breadth is the
number of product
lines that a
business has.
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Branding
There are a number of important issues
concerned with the branding of a
product.
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Definition of a Brand
A brand is a name or symbol
that identifies a product and
enables consumers to
distinguish the product from
other similar products.
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Features of a Good
Brand Name
1 A brand name can suggest product
benefits. For example: Eveready
batteries.
2 A brand name should be easy to
pronounce and easy to recognise.
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Features of a Good
Brand Name
3 A brand name should be different
from other brand names.
4 A brand name can be a group of
letters that has no meaning. For
example: Kodak.
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Advantages of Branding
The development of a brand
name provides advantages to
both consumers and sellers of
a product.
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Advantages to Consumers
1 Brand names enable
consumers to identify the
products they like or dislike.
2 Consumers may gain
satisfaction from owning a
product with a well known,
high quality brand name.
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Advantages to a Business1 A brand name helps a business
to distinguish its products from the products offered by competitors.
2 A brand name can help a business launch a new product as the new product can carry the same brand name as a popular, well established product.
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Advantages to a Business
3 A business, in respect to
some products, may be
able to charge a premium
price (a higher price) for
products that carry a well
known brand name.
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Generic Brands
Generic brands are regularly purchased consumer products that have no brand name on them.
Generic products include tea bags and tissues. These products are cheaper than the branded products of the same type but may be of a slightly inferior quality.
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Packaging
Packaging is used to attract the
attention of consumers.
Packaging will often need to be
changed or refreshed after a period
of time.
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Packaging
Packaging is the container that
surrounds a good.
Packaging can be an important part of
the marketing strategy of a business
and can give a product a competitive
advantage.
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Functions of Packaging
Packaging has a four main functions.
Packaging identifies and promotes a product. A distinctive package will often attract the attention of consumers.
Packaging can identify differences in a company’s line of products.
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Functions of Packaging
Packaging has a four main functions.
Packaging has a functional role as a storage container for a product and protects the product from damage.
Packaging is used to alert consumers to an attempt to interfere with the contents of the product. Packaging should be tamper obvious.
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Labels
A label is the part of the packaging of a
good on which is written the name of
the good and other information such as
the country of manufacture of the good.
Labels have a number of functions.
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Labels
A label enables a consumer to identify a product.
A label contains information about the contents of a product and identifies the country of origin of the product.
A label contains information about how to use a product.
A label can be used to promote a product.
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Material used in the PowerPoint slides
and worksheets have been reproduced
from the following reference with full
permission:
Business Management in Australia 2
Ashley Doyle
ReferenceT
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