Welcome back to school. Hopefully you are feeling refreshed and ready to work. This term we will prepare for our first assessment. For some of you, this will be the NCEA Achievement Standard (AS90840) Apply the marketing mix to a new or existing product.
This week we will review the marketing mix and begin focusing on the first and most important "P" of the 4P's in the marketing mix, PRODUCT!
The 4P's: PRODUCT
Marketing is about focusing business activities on satisfying the needs and wants of customers. A businesses products or services are most important because it has been produced for that purpose. To be successful a business must ensure they have the right type of product that is in demand for their market. Most markets have many competitors so a business will try and offer something that is different or better than the competition. They often look to create unique selling points to their products or services that distinguish their products from the competition. This could include product modifications or innovations (new features) to products or services. This can also be achieved through packaging and branding. In business, when it comes to developing a product, the design, quality, packaging, features, and functions should all be considered.
