1

Question 1

product

Answer 1

the end result of the production process sold on the market to satisty a customer need

Question 2

consumer durables:

Answer 2

manufactured products that can be reused and
are expected to have a reasonably long life, such
as cars

Question 3

product life cycle

Answer 3

the pattern of sales recorded by a product from launch to Removal from the market

Question 4

Boston Consulting Group
matrix

Answer 4

A method of analysing the product portfolio of a business in terms of market share and market growth

Question 5

brand

Answer 5

an identifying
symbol, name, image or trademark that separates a product from its competitors

Question 6

brand awareness:

Answer 6

extent to
which a brand is recognised by potential customers and is correctly associated with a particular product - can be expressed as a percentage of the target market

Question 7

brand development

Answer 7

measures how much a product sells, usually out of every thousand people.

For example, if 100 out of 1,000 people buy a product, its brand development is
10.

Question 8

brand value (or brand equity):

Answer 8

the value
that a brand has because customers are willing to pay more for it than they would for a non-branded generic product !!

Question 9

brand loyalty:

Answer 9

Brand loyalty is when consumers keep buying the same brand repeatedly, even if other brands try to attract them with marketing.

Question 10

extension strategies:

Answer 10

marketing plans that extend the maturity stage of the product before a brand new one is needed