Essay about Marketing Mix And Product Growth Phase
A product is an element that is made or produced to please the wants of a certain set of people. The product can be intangible or tangible as it can be in the form of services or goods. It is very important to have the right sort of product that is in request for your market. So throughout the product growth phase, the marketer should do a wide research on the life cycle of the product that they are generating. A product has an assured life cycle that comprises the growth phase, the maturity phase, and the sales decline phase. It is significant for marketers to reinvent their products to encourage more request once it touches the sales decline phase. (The Marketing Mix, 2016)
The price of the product is essentially the sum that a consumer pays for to enjoy it. Price is a very significant constituent of the marketing mix definition. It is as well a very important constituent of a marketing plan as it regulates your firm’s profit and existence. Regulating the price of the product has a big influence on the whole marketing strategy as well as significantly affecting the sales and request of the product.
Pricing continuously help outline the perception of your product in customers eyes. Permanently remember that a low price typically means a mediocre good in the buyers eyes as they match your good to a competitor.