The Marketing Mix Concept and Product Entrepreneurship Unit 4, Lesson 3 Copyright © Texas Education Agency, All Rights Reserved. 1

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Product Mix Different Products and Services - a business sells Convenience Items - may not be profitable Copyright © Texas Education Agency, All Rights Reserved. 3

Product Features 1 Product characteristics that will satisfy customer needs 2 Color, size, quality, hours, warranties, delivery, installation 3 Features – meet the needs of the target market Copyright © Texas Education Agency, All Rights Reserved. 4

Branding, Packaging, & Labeling Branding name, symbol, or design used to identify your product Packaging box, container, or wrapper in which the product is placed Labeling where information about the product is given on the package Copyright © Texas Education Agency, All Rights Reserved. 5

Positioning Your Products or Service Positioning Creating an image in the customer’s mind Product features, price, and quality may be used for positioning BMW – positioned in the market to meet the needs of consumers who desire quality and status Copyright © Texas Education Agency, All Rights Reserved. 6

Assignments  Pyramid Positioning Design a pyramid with several tiers. Place the names of competing brands for a product in a pyramid. The top of the pyramid should have the brand that you believe has the strongest position in the market and descending tiers should include competing brands with less influence in the market. You must include a footnote that explains your placement of brands in the pyramid. This assignment will be evaluated using the related rubric.  Product Presentation Sales depend upon product presentation. The best salespeople can differentiate their product from the competition. Product presentations take place at hotels, board rooms, and in airports. A well-defined digital presentation that highlights all the important features for a product has a greater chance for successful sales. Prepare a digital presentation for a specific product. You must also write a paper to define the positioning for the product, prospective customer for the product, and unique features that set the product apart from the competition. The paper will be used by the salespeople as a script for their sales presentation. This assignment will be evaluated using the related rubric. Copyright © Texas Education Agency, All Rights Reserved. 7

Assignments School Soft Drink You have created a new soft drink that is designed for students at your school. Design a label for the drink bottle that will brand the drink. You should incorporate your school’s mascot in the design of the label. This assignment will be evaluated using the related rubric. Copyright © Texas Education Agency, All Rights Reserved.8