Fig. 1 Marketing Mix Cycle
II. CURRENT TREND
Always there are different factors that influence the development of strong customer relationships in market [2]. Organizations are concentrating on the strong exchange relationships; and an understanding of relationship value of a customer as there is a framework which suggests that interrelationship between the variables of marketing mix at different levels. Each successive level of strategies results in ties that bind the customer little closer to the firm.
2.1 Product
Product refers to a physical product or service for a consumer is ready to pay. It includes tangible goods like furniture; garments, grocery items etc and intangible products like services are purchased by consumers. The product is the key element of any marketing mix.
2.1.1 Product Life Cycle
It denotes the different stages through which the sale of any product changes in a time period. There are four stages- introduction stage, growth stage, and maturity and decline stage. A product is introduced in the market then it gains more and more customers as it grows [3]. Gradually the market stabilises and the product becomes mature there after a period of time it declines because of the development and introduction of superior competitors and is eventually withdrawn as shown in the figure.