1. Product

2. The marketing mix
Product is just one part of the marketing mix, which is also known as the 4Ps:
Product
Price
Place
Promotion

3. Product
‘Product’ refers to the functions and features of a good or service.
It should satisfy the needs of the customer
It may have a Unique Selling Proposition (USP).
‘Product’ also includes a range of factors such as packaging, quality, warranties, after-sales service and branding.
Products and brands may suggest certain images e.g. sporty, sophisticated, value.

4. Product lifecycle
The product lifecycle looks at the sales of a product over time

5. Stages of the product lifecycle
Development – high costs but no sales Launch – high expenditure on promotion and product development, low sales Growth – sales increase and product should break even Maturity – sales stabilise, less expenditure on promotion needed, revenue & profit should be high Decline – sales decline, extension strategies can be adopted or the product withdrawn

6. Extension strategies
Extension strategies should maintain or increase sales. They include:
Modifying the product
Reducing the price
Adding a feature
Promoting to a
different market
sector
Extension strategies