MKTG 2030 Chapter 8: Marketing 2030 Chapter 8.docx
Document Summary
Using product objectives to decide on a product strategy. Marketing penetration: getting consumers to buy more of the product. Diversification: entering a new market with a new product line. Objectives and strategies for multiple products: product line strategies: a firm"s total product offering designed to satisfy a single need or desire of target customers. Product mix: the total set of all products a firm offers for sales. Marketing throughout the product life cycle: product life cycle: concept that explains how products go through four distinct stages from birth to death: The introduction stage: slow growth follows the introduction of a new product in the market place. The growth stage: product is accepted and the sales rapidly increase. Maturity stage: longest stage in which sales peak and profit margin narrows. Decline stage: sales decrease as customer needs change. Creating product identity: branding decisions: what"s in a name or symbol, brand: a name, term, symbol, etc.
