The Marketing Mix Essay
EEBA AFSAR BBM 3rd SEM 097512
Marketing as defined by many marketers as they start out in the industry is “Putting the right product in the right place, at the right price, at the right time.”
Therefore in simple terms you need to create a product that a particular group or groups of customers want, price it at a level which matches the value of the product as perceived by them, deliver it in a manner in which it reaches out to your customer and do all that at a time they want to buy.
But this process is very …show more content…
Products are classified into two: • Consumer product- It includes products which the consumer purchases for final & personal consumption which includes convenience, shopping, specialty & unsought products. • Industrial products- It includes products purchased for further processing or in any other business operation.
Product decisions include individual product, product line & product mix decisions.
In order to constantly attract customers there is a need to differentiate your product on the basis of style, features, performance, design, durability, reliability etc. Also their is a need to reinvent your product or add new products to your product mix
Product strategies can be based upon the product life cycle.
The Product Life Cycle (PLC) is based upon the biological life cycle. For example, a child is born (introduction); it starts aging in the phase of adolescence (growth); it becomes an adult (maturity); after a long period as an