Product

NOTE: These slides will help you to complete “Part 6: Marketing Mix Product” section of your

coursework.

• Business survive by selling the goods (physical)

and services (non-physical) they produce. These are the PRODUCTS of the business.

• They are the most important feature of a business as without a product that customers want to buy, the business would be unable to continue.

• Remember that Thorpe Parks’ Products are all the goods and services – including all the rides, photos, food, attractions, stalls etc.

Product

Go to www.thorpepark.com to remind yourself of all the products they offer.

Product Differentiation• Product differentiation is where a

product is given features that make it different from similar product e.g. mobile phones

• When feature makes a product stand out sufficiently, for customers to buy that product rather than others, it is called a UNIQUE SELLING POINT (USP)

Branding

• Giving a product a unique identity, usually by giving it a special name, is called BRANDING.

• E.g. Nike, Adidas, Reebok, Coke, Thorpe Park, Legoland, Alton Towers.

• OWN BRANDING is a product sold under the brand name of a supermarket chain or retailer rather that under the name of the business which manufactures it. E.g. Tesco own label.

Market vs. product oriented

• Product-led marketing is when a business uses the success of one product to make and market the next one sometimes without conducting market research. Apple used the success of the IPod to market the IPhone.

• Market-led marketing is when businesses do market research in find out consumers’ needs and then makes sure it meets them.

Mass vs. Niche Marketing

• Mass Marketing occurs when a business aims a product at all (or most) of the market. Examples:

• Niche Marketing occurs when a business targets a product/service at a small segment of a larger market. Examples: