Classified in Economy

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marketing mix product and price: product can be physical or a service. A successful product is one that is purchased again and again.

Product life cycle: -introduction: product is introduced to market.

-no profit  -all marketing towards gaining new customers.

-penetration pricing(low)

Growth: -product starts to get customers

-profit begins but little -marketing to get more customers

Maturity: -solid customer base

-advertising is used to keep customers

-continue to product profit

Decline: -profits fall  -customers buy other products

-company must decide to use extension strategies or retire product

Extension strategies: -improve and update existing product.

-new promotion advertising.

-find new target market  -changing packaging

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