The Marketing Mix Essay

2945 Words Mar 16th, 2011 12 Pages
BBM 305 PRESENTATION

EEBA AFSAR BBM 3rd SEM 097512

INTRODUCTION

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
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• Actual product- It includes the tangible physical product which the user gets. For e.g. in case of a car it is the vehicle that you drive, in case of a camera it is the instrument with which you click pictures. • Augmented Product- It is the intangible part of the product which includes the value added features like warranty, after sale services, customer service support etc.

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

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