Business Presntation

Product is a part of marketing mix. In firm’ s marketing mix context product is a good or service that firm offers to its target market. Products come in many forms – public goods , consumer durables, consumer services, producer services etc. Products has its life cycle. It involves birth, growth, maturity and decline. Birth – during this period business spends a lot of money to design the product. Growth – during this period product will be placed on sale nationally. If it is a success sales will increase rapidly as people will be attracted to a new product. Maturity – this stage is where the products continues to be bought a steady number of customers. Product usually doesn’t make profit until this stage. Large business will try to make this stage as long as possible because of huge expenses in birth and growth stages. Decline – stage when sales of product are falling. It becomes not popular anymore. Business decide to stop the production.

Business will try to find ways to extend the product’s life: finding new markets to the product , advertise to remind product for the customers, etc.

Also it will use product development – process of developing and introducing new products. It is often carried out by research and development department.

In small businesses it is important to differentiate the products – to offer something that is different from other products. Business can differentiate its product by brand, quality , packaging , features etc.

Also it is important for business to find its target market – specific consumers to which product or services to will be aimed. These customers characteristics can be : amount of income , age, where they live, their interests and lifestyles etc.