[1]Marketing Mix - The Mix Products places prices and...

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The Mix Products, places, prices and promotion
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Product Products have  tangible  and  intangible  components. Tangible components
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Product Products have  tangible  and  intangible  components. Intangible components
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Classifying products by purchasing habits Convenience goods Shopping goods Specialty goods
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Product life cycle Introduction Company typically has considerable costs to educate consumers,  build distribution and encourage demand Growth Usually characterized by rapid market expansion
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Maturity Marketplace becomes saturated with competing products… competition intensifies, profits go down and the number of new  consumers decreases Companies emphasize selective demand to impress customers  with advantages of their brand Late in maturity phase, companies often try to extend products life  cycle by innovation May try to find new users, develop new uses, change packaging,  improve quality etc…. Goal : fight for market share
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Decline Usually occurs due to obsolescence, new technology or changing  consumer tastes Companies can phase out quickly or slowly Goal: minimize effort and time to maintain market
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Special Categories of PLC Style Special and distinctive mode of expression in a field of human  endeavor Once invented, can last for generations…goes in and out of vogue Homes Clothing (fashion, style) Art
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Fashion A currently accepted or popular style in a given field
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[1]Marketing Mix - The Mix Products places prices and...

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