Mkt mix - the mkt mix

9 important questions on Mkt mix - the mkt mix

What is the mkt mix?

combination of elements that influence a customers decision whether or not to buy a product, may affect purchasing decisions

The core benefit that the product meets

the ways of satisfying a core benefit can change and businesses must be aware of this and prepare accordingly

What is the product life cycle?

shows sales of a product over it's lifetime
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What happens in the introduction stage?

the product gets launched and put on sale

What happens in the growth stage?

customers get to know the product -> sales have to grow. At this stage it is easier finding distributers because they are more confident selling the product.

What happens in the Maturity (saturation) stage

the growth of sales slows down. It might be because competitors have launched a similar product

What happens in the Decline stage

eventually the sales of any product are likely to fall. It will be difficult finding distributors and may be forced to cut the price to maintain sales.

Why use the product life cycle?

Managers may use the product life cycle model to identify which stage a product is in at any given moment and then adjust the marketing mix accordingly.

The capacityof a firm

the maximum amount it can produce in a particular moment in time. It depends on the number and skills of its employees.
And the level and quality of its capital equipment and technology

The question on the page originate from the summary of the following study material:

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