Product
Product refers to a good or service that a company offers to customers. Ideally, a product should fulfill an existing consumer demand. Or a product may be so compelling that consumers believe they need to have it and it creates a new demand. To be successful, marketers need to understand the life cycle of a product, and business executives need to have a plan for dealing with products at every stage of their life cycle. The type of product also partially dictates how much businesses can charge for it, where they should place it, and how they should promote it in the marketplace.
Many of the most successful products have been the first in their category. For example, Apple was the first to create a touchscreen smartphone that could play music, browse the Internet, and make phone calls. As of November 2018, Apple stopped providing public sales figures for the iPhone. However, as of November 1, 2018, total sales of the iPhone equaled $2.2 billion. Apple revealed that it had sold its one billionth iOS device on November 22, 2014. And in 2018, the company announced they were approaching selling their two billionth iOS device.
https://www.investopedia.com/terms/f/four-ps.asp#:~:text=Product%2C%20price%2C%20promotion%2C%20and,of%20a%20good%20or%20service.
Many of the most successful products have been the first in their category. For example, Apple was the first to create a touchscreen smartphone that could play music, browse the Internet, and make phone calls. As of November 2018, Apple stopped providing public sales figures for the iPhone. However, as of November 1, 2018, total sales of the iPhone equaled $2.2 billion. Apple revealed that it had sold its one billionth iOS device on November 22, 2014. And in 2018, the company announced they were approaching selling their two billionth iOS device.
https://www.investopedia.com/terms/f/four-ps.asp#:~:text=Product%2C%20price%2C%20promotion%2C%20and,of%20a%20good%20or%20service.
What you need to know and understand:
- The relationship between the product life cycle, product portfolio and the marketing mix
- Extension strategies
- The relationship between the product life cycle, investment, profit and cash flow
- The following aspects of branding:
- Awareness
- Development
- Loyalty
- Value
- The importance of branding
Conceptual Understandings:
- Social, cultural and technological change can impact the language and medium of marketing
- Creative ways of informing stakeholders can lead to positive business outcomes
- Ethical marketing practices can enhance a business’ brand image
- Sustainable marketing practices can be effective for business success
Questions to consider:
- Can companies know us better than we know ourselves?
- How might a company protect against sample error and bias when designing primary market research?
- Are there different criteria for ethical standards for online services compared to physical products?
- Are consumers rational?
- Are predictions in the human sciences inevitably unreliable?
- How might the language used in focus groups influence the conclusions that are reached?
- Are consumers too unpredictable to study scientifically?
- Is it possible to eliminate the effect of researcher bias when conducting market research?
- What impact has social media had on how consumers acquire and share knowledge of products?
TEXTBOOK unit 4.5 1
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