The marketing mix and product
Introduced| English | Meaning |
|---|---|
| marketing mix/ˈmɑːkɪtɪŋ mɪks/ | The coordinated choices used to market a product, commonly including product, price, place and promotion. |
| target market/ˈtɑːɡɪt ˈmɑːkɪt/ | The particular group of customers a business aims to serve with a product or marketing campaign. |
| product life cycle/ˈprɒdʌkt laɪf ˈsaɪkl/ | The stages a product passes through from introduction and growth to maturity and decline. |
| introduction/ˌɪntrəˈdʌkʃn/ | The first stage of a product's life cycle after it is launched onto the market. |
| growth/ɡrəʊθ/ | The product-life-cycle stage in which sales increase substantially as a product gains market acceptance. |
| maturity/məˈtʃʊərɪti/ | The product-life-cycle stage in which sales growth slows and the product has an established market. |
| decline/dɪˈklaɪn/ | The product-life-cycle stage in which sales fall over time. |
| portfolio/pɔːtˈfəʊlɪəʊ/ | The collection of products or business activities managed by an organisation. |
| extension strategies/ekˈstenʃn ˈstrætədʒiz/ | Actions intended to prolong a product's market life, such as changing its features, promotion or target customers. |
The four ingredients of marketing
- A great product at the wrong price, or in the wrong shop, still fails. Marketing has to get everything right together.
- The marketing mix 营销组合 — the 4 Ps — is the recipe.
Which are the 4 Ps of the marketing mix? (Select all that apply.)
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The 4 Ps are Product, Price, Place and Promotion — not Profit.
Where and how a product is sold and distributed is the ______ element of the mix.
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Place covers distribution channels.
The 4 Ps
- Product: what you sell. Price: what you charge.
- Place: where and how you sell it. Promotion: how you tell people.
- They must work together and suit the target market 目标市场.
A branded shop window: branding and place help sell the product
The product life cycle
Most products pass through four sales stages over time — from launch to decline.
Put the product life cycle stages in order.
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Sales rise through introduction and growth, peak at maturity, then decline.
The product life cycle 产品生命周期
- Most products pass through introduction 引入期 → growth 成长期 → maturity 成熟期 → decline 衰退期.
- Sales, profit and the right marketing differ at each stage.
A product's sales rise, peak at maturity, then fall — unless extended.
Sales of a product over its four life-cycle stages
An extension strategy aims to:
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Extension strategies delay decline and prolong sales.
A balanced product portfolio helps a firm replace declining products with newer ones.
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Holding products at different stages smooths overall sales.
Extension and portfolio 产品组合
- Extension strategies 延长策略 (restyling, new uses, new markets) prolong the maturity stage.
- A firm balances a portfolio of products at different life-cycle stages (e.g. the Boston Matrix) so new ones replace declining ones.
The Boston Matrix sorts products by market share and market growth into stars, cash cows, question marks and dogs
Don't rely on one product forever. Every product eventually declines. Firms must keep launching or extending products, or the whole business declines with its single cash-cow.
Advertising on giant screens: promotion is part of the marketing mix
Balance the product portfolio
Pick a product and drag its market share and growth — it re-classifies as star, question mark, cash cow or dog. Press Play to watch one product live its whole life across the matrix.
You've got it
- the marketing mix = Product, Price, Place, Promotion (the 4 Ps), working together
- products pass through introduction → growth → maturity → decline
- extension strategies and a balanced portfolio keep sales alive