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Can you name products that….. • Have just been introduced • Have established themselves in the market • Are going out of fashion? Theme 1: Marketing & People This theme enables students to understand how businesses identify opportunities and to explore how businesses focus on developing a competitive advantage through interacting with customers. Students develop an understanding of how businesses need to adapt their marketing to operate in a dynamic business environment. This theme also considers people, exploring how businesses recruit, train, organise and motivate employees, as well as the role of enterprising individuals and leaders. 1.3 Marketing mix and strategy Subject content 1.3.5 Marketing strategy What students need to learn: a) The product life cycle b) Extension strategies: • product • promotion c) Boston Matrix and the product portfolio d) Marketing strategies appropriate for different types of market: • mass markets • niche markets • business to business (B2B) and business to • consumer (B2C) marketing e) Consumer behaviour – how businesses develop customer loyalty Product Life Cycle Sales Revenue Using the above headings… draw a PLC…. TIME Product Portfolio Analysis Product Life Cycle What is the next step? In pairs Produce a product life cycle for a product of your choice. Use the internet to see if you can find the timeline of the product. Complete the time stages that the product went through during each stage of its lifetime: 1. 2. 3. 4. 5. 6. Development Introduction Growth Maturity Decline Extension strategy If you are stuck look at some of the following: video recorders or cassettes, the Sony Walkman, vinyl singles or LPs, Playstation or any other similar type of product. Product Life Cycles What happens here? Sales Effects of Extension Strategies Time Types of extension strategies? http://www.tutor2u.net/business/reference/product-life-cycle-revision-quiz