Equine Science-Marketing Mix (product)

One of the most important element of the marketing mix is product. All product go through the product life cycle (introduction, growth, maturity and decline)  Of course there are a number if disadvantages or weakness associated with the PLC.  Some of these weaknesses are:

• Unclear implications
• Product focused
• There is no standard curve
  

For a company to survive it is essential that they have a strong brand(s).  Brands can be more valuable than the company's physical assets.  Branding if successful, will try to protect a brand from failure.  What we as markters must understand is that for some brand consumers have emotional ties to the brand. 


What are the main benefits of branding?

• If a brand is strong is may be able to command a premium price
• Strong brand may be able to obtain higher market share
• It is possibel to grow with stronger brands

How can a company build a strong brand?

• Focus on brand identity
• Build brand awareness
• Build associations with the brand
• Ensure that there are value and quality perceptions associated with the brand
• Build and grow brand loyalty
• Create a position for your brand