A Marketing Expert Named E. Jerome Mccarthy

The key for the marketer is to determine which stage is the most critical for his/her product.

In the product life cycle, All-round is found within the maturity stage. Here, sales increase at first but at a slower rate as the market introduces its competitors and increases competition. Sales and profit tend to decline towards the end of the maturity stage. In one strategy, it is important to maintain customer loyalty and satisfaction in order to maintain profitability within this stage. For example, promotional allowances and sales force relationships are essential in having this accomplished. Another strategy is reformulation of the product. All-round has not been reformulated but improvements on a routine basis to the product can help increase market growth.

In this assignment I will be looking at how product and services are marketed and look at how a marketing mix is developed using the four P 's: Product, Price, Place, and Promotion.

Product- A product is anything that can be offered to a market to satisfy a want or need, products include physical goods, services, experience, events, persons, places, properties organisations, information and ideas. It is therefore the combination of goods

Products= something that is made to be sold, esp. something produced by an industrial process.

All products have a lifecycle. They begin as an idea that needs Research and Development (R&D) or time to develop. This is a direct cost to the company. Once the product and/or service is ready to be marketed, it goes through five stages: development, introduction, growth, maturity, and decline.

During the next stage, maturity, there is intense rivalry for a mature market. Efforts may be limited to attracting a new population, leading to a proliferation of sizes, colors, attachments, and other product variants. Battling to retain the company’s share, each marketer steps up persuasive advertising, opens new channels of distribution, and grants price concessions. Unless new competitors are obstructed by patents or other barriers, entry is easy. Thus, maturity is a period when sales growth slows down and profits peak and then start to decline. Strategy in the maturity stage comprises the following steps: (a) search for new markets and new and varied uses for the product, (b) improvement of product quality through changes in features and style, and (c) new marketing mix perspectives. For the leader firm, Step c may mean introducing an innovative product, fortifying the market through multibrand strategy, or engaging in a price-promotion war against the weaker members of the industry; the nonleader may seek a differential advantage, finding a niche in the market through either product or promotional variables.

McCarthy used the ‘4ps’ to define the marketing mix. The ‘4ps’ are shown in the table below (3.1).

Product refers to the specific details about the product or service you are trying to sell. This includes things like the products color, shape, size, name, and what need or wants the product satisfies for the customer. For the sake of this marketing plan, we are not going to be discussing product as American Eagle has already proven the value and effectiveness of their product design. Through the success of the Denim X jeans, we already know

However, marketers should not become complacent and they may seek to inject new life into the brand to prolong the growth stage and put off the onset of maturity. A mature product may need a facelift, and marketers must decide whether to support a declining brand or let it die a natural death.

Product development is the process of designing, creating and marketing new products or services to benefit customers (TechTarget, 2015). Sometimes product development are known as new product development, the main focus is on the developing systematic methods for guiding all the processes involved in getting a new product to market. These processes start from brainstorming idea on product; research on product; develop the product; testing; analysis; and lastly is introduce the product on market.

The term "product" refers to tangible, physical products as well as services. A product is everything one receives in an exchange,

According to our book product is anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need. It includes physical objects,

Product – Product can be defined as the goods or services which is made to fulfil customer’s demands and needs. While making the product company should take care about its quality and features must be according to the customer’s needs to satisfy them.

Product is a set of tangible and intangible attribute including packaging, color, price, quality and brand plus the seller 's services and reputation. A product may be a good,