Marketing strategy

• Product life cycle

  
• Boston Matrix

  
• Product portfolio = A product portfolio is the menu of goods or services that a firm produces and offers for sale
• Marketing Mix = Product, Price, Promotion, Place, People, Packaging, and Process.
• Building customer loyalty =

  Offer Discounts.

  Reward Customers

  Promote Your Rewards Programme

  Encourage Referrals.
• Promotion (Marketing mix):

  • sales promotion
  • advertising
  • public relations
  • Direct marketing
• Product (Marketing mix):

  • features
  • quality
  • branding
  • packages
  • services
  • warranties
• Place (marketing mix):

  • channels
  • market coverage
  • assortment
  • location
  • inventory
  • transport
• Price (Marketing mix):

  • Pricing strategy
  • allowances
  • discounts
  • payment methods
• product life cycle describes the different stages a product goes through from its conception to its eventual decline in sales

  
• Development stage:

  • The focus is on designing and developing the product
  • The business usually incurs high costs for research and development, market research, and product testing
• Introduction stage:

  • The stage begins when the product is launched
  • Characterised by slow sales growth as the product is still new and unknown to most consumers 
• Growth stage:

  • The product enters this stage when sales begin to increase rapidly
  • The business focus shifts to building market share and increasing production to meet the growing demand 
• Maturity stage:

  • Characterised by slowing sales growth as the product reaches its peak in terms of market penetration
• Decline stage:

  • Starts when sales begin to decline as the product becomes obsolete or is replaced by newer products
  • The business focus shifts to managing the product's decline and reducing costs
• two types of extension strategies:

  • Product-related extension strategies
  • Promotion-related extension strategies
• Product-related extension strategies

  • Involves changing or modifying the product to make it more appealing to customers and extend its life cycle and can be achieved in one of three ways:
  • Product improvements 
  • Line extensions
  • Repositioning 
• Promotion-related extension strategies

  • Involves changing the marketing and promotion of the product to extend its life cycle and could include one or more of the following changes:
  • Changes to advertising
  • Price promotions 
  • Sales promotions