Product
Product is one of the all important Four Ps, or, if you're an examiner, the Marketing Mix.
The main features of a product are:
There are other things too, such as warranties and if you can sell accessories (think iPhone, case, charger, apps etc). The main thing to bear in mind is that a good 'product' with the above features should help to sell your product. But getting everything right in the first place is going to cost you money.
For example, having a good design will make your product attractive to potential customers. But you will have had to pay a good designer quite a bit of money to get the design you wanted. Always think about both sides of the coin for your exam.
- The Design
- The Packaging
- The Quality
- The Branding
There are other things too, such as warranties and if you can sell accessories (think iPhone, case, charger, apps etc). The main thing to bear in mind is that a good 'product' with the above features should help to sell your product. But getting everything right in the first place is going to cost you money.
For example, having a good design will make your product attractive to potential customers. But you will have had to pay a good designer quite a bit of money to get the design you wanted. Always think about both sides of the coin for your exam.
Product Life Cycle
You also need to know that most products go through a 'life cycle'.
You'll need to explain each of the sections on the graph here, and also be able to write about extension strategies so that the product doesn't go into decline (things like repackaging, re-advertising, etc - think iPhone 1, iPhone 2, iPhone 3 and so on).
You'll need to explain each of the sections on the graph here, and also be able to write about extension strategies so that the product doesn't go into decline (things like repackaging, re-advertising, etc - think iPhone 1, iPhone 2, iPhone 3 and so on).