Ideas in this flowchart

• Product and marketing concepts
• A product is a good, service, or idea that creates customer value through perceived attributes and benefits.
• The product life cycle describes the pattern of sales and profits over time for a product or product category.
• Introductory stage
• Growth stage
• Maturity
• Decline and death
• A product manager develops and implements a complete strategy and marketing program for a specific product or brand.
• Product strategy involves defining the product's brand and supporting features.
• These features include the brand name, packaging, colors, warranty, accessories, and service program.
• Promotion strategy is the combination of activities used to stimulate the target market to buy a product.
• The promotion mix includes personal selling, traditional advertising, publicity, sales promotion, social media, and e-commerce.
• Psychographic segmentation differentiates markets by personality or lifestyle.
• Reference groups are formal and informal groups that influence buyer behavior.
• Relationship marketing focuses on forging long-term partnerships with customers.
• It builds these partnerships by offering value and providing customer satisfaction.