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Classified in Economy

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PRODUCT:its an important element because is the object through which the company influences the market and is what the consumers want to buy. To satisfy their needs.The product includes:quality,design,packaging,brand,target audience.The companies try to create monopolies with their products in order to differenciate them from the other competitors.To comply with this objective the company uses a brand:name used to identify the product which includes the name and the logo.Every company applies different strategies to increase,eg:single/umbrella brand,multiple brands,second marks.Positioning strategies related to product that is based on the product attribute,eg:innovation;the benefict ffered and the comparation with competitors.Positioning strategies related to brand that is based on quality,prestige and low prices.The products have got a life cycle stages which are:introduction stage:is when the product is launched but the sales are low and the growth goes slowly.Growth stage:is when the product becomes known and the growth goes faster.Maturity stage:is when the product has been sold and the company tries to find new consumers.Saturation/decline stage:is when the sales fall and the company looks for re-launch the product.It is necessary to study the products to situate them in these stages to be able to apply the correct market policy to increase profits.



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