An easy way to gain marks is to think about the 4 Ps of the Marketing Mix and how we could alter/change each of these in order to keep a product selling.
Product
¨ Change/alter the products packaging
¨ Change the products name (ie Marathon became Snickers!)
¨ Re-launch the product
¨ Find a new use for the product
¨ Develop a range of the same product in different sizes or shapes (ie iPod Nano etc)
Price
¨ Lower the price to increase sales. Customers should will buy in greater volume
Place
¨ Change the market for the product (Brother Typewriters were phased out due to laptops and word processors. Now the typewriters are being sold in Developing Countries.)
¨ Change the distribution channels (ie buy and sell online – eCommerce)
Promotion
¨ Increased advertising of the product will increase awareness, or persuasive advertising techniques, might mean consumers may purchase more of the product or service
¨ Use promotional techniques to stimulate demand such as BOGOF (Buy One Get One Free)
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