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.
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