IGCSE Business studies: Chapter 3.3.1 Marketing mix - Product

IGCSE Business studies: Chapter 3.3 Marketing mix - Product

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Time stamps
00:00 - Intro
00:17 - Product
00:45 - Development of new products
01:46 - The role of packaging
02:39 - Development
02:59 - Introduction
03:39 - Growth
04:18 - Maturity
04:44 - Saturation
05:10 - Decline
05:40 - Extension strategies

In this video, we explore what product is—goods or services that fulfill consumer needs and wants. A successful product must be reliable and of high quality, establishing a unique selling point (USP) for the brand. To develop new products, businesses must generate ideas, conduct research, prototype, and launch. While developing products can enhance brand image and allow for higher pricing, it also carries risks, such as costly research and the possibility of unmet consumer demand.
Next, we discuss the role of packaging, which protects products, provides essential information, and aids brand recognition. The product life cycle is another vital aspect, consisting of five stages: development, introduction, growth, saturation, and decline. Each stage requires strategic marketing efforts, from high promotion during introduction to competitive pricing in saturation. Businesses can extend a product's life cycle by introducing variations, entering new markets, or improving packaging. Overall, understanding these components is crucial for effective marketing strategy and product management.