Term 2: Week 2

Kia Ora

This week we will focus on the first "P" - Product of the marketing mix

Learning Intentions

• Explore the 'Product' element of the Mix, through case studies and examples

• Can explain and apply understanding of the Product element of the Mix.

Product

A product is a good (tangible) or a service (intangible) produced by an organisation. Companies can grow using existing or new products:

Strategies for each method of growth

Market penetration: encourage consumers to use more, 'steal' competitor's customers

Market Development: new uses for products, new markets geographically, new segments

Product development: modify existing products (eg new shapes), upgraded model, 'me-too' copycat product  

Diversification: risky as you have less knowledge & experience (may buy an existing business).

Activities

- Individually, complete the google doc and highlight the features and benefits (Doc on google classroom)