The Marketing Mix - Product 

All products have a "Core Functional Benefit". With cars, the core benefit is to get people from A to B. More than that is needed though. Let's say that the car is a BMW - from those three letters most people would have a good idea of what the quality, image etc is like. However, that is often not enough. What is the availability like, how long is the warranty, is there any customer support? These are the third layer of a product - the Additional Benefits. These three layers of benefits define the product.

Differentiating a product is a key strategy that a company can use - how is it better than similar products sold by competitors. If some differentiation is possible, then that is the hook with which to promote the product - if there is not then it must be differentiated with price.

An important area of concern is where a product / service lies in its life cycle. This always follows the same pattern in terms of demand. If it is climbing the graph then that is great, but if demand has peaked or is dropping, what can you do about it?

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