ACCTG 1 Lecture Notes - Lecture 14: Marketing Mix, Advertising Mail, Mail Order
Document Summary
Product" refers to the functions and features of a good or service. Should satisfy the needs of the customer. 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. Launch high expenditure on promotion and product development, low sales. Growth sales increase and product should break even. Promoting to a different market sector (b) price. The price of a product will depend on: The price customers are willing to pay. Products should be conveniently available for customers to buy. Awareness - raising awareness of a product. Interest exciting interest in the product. Desire creating desire for the product. This uses advertising media over which a firm has no direct control e. g. television, radio and newspapers. Is often used to inform an audience of a product and persuade them to purchase.
