12. Marketing mix: Product Flashcards
What are consumer goods ?
Goods provided for the people
What are consumer services?
Services provided for the people
What are producers goods?
Goods produced to help other businesses
What are producers services?
Services that are produced to help other businesses
What makes a successful product
[5]
- Satisfies needs and wants
- Good design
- Capable of stimulating new wants
- Had distinctive feature
- Relative price (not to expensive)
Steps of product development [6]
- Generate idea
- further research
- Decide if the company will be able to sell enough
- Develop a prototype
- Test the market
- Full launch
Define USP [2]
- Stands for unique selling point
- Is the special feature of the product that differentiates it from other products
Define brand name
Unique name that distinguishes it from other brands
Define brand image
Identity given to a product which gives it a personality of its own and distinguishes it
Define Brand loyalty
Consumer keeps buying same brand again
What makes good packaging [6]
- Easy to transport
- Easy use
- Promotes brand image
- Carries information about product
- Eye catching
- Suitable for product to fit into
- Protects product inside
What makes good branding [6]
- Unique branding
- Higher price than unbranded products
- Good brand image
- Encourages brand loyalty
- Unique packaging
- Assured quality
- Higher quality than unbranded products
- Advertising that reinforces image
Define the product life cycle
The stages a product will pass through from its introduction through its growth till its decline
What are the stages of product life cycle
- Development
- Introduction
- Growth
- Maturity
- Saturation
- Decline
What are some strategies to extend the product life cycle ? [6]
- Sell in new market
- Make small changes
- Sell through additional retail
- Introduce a new, improved version of old product
- New advertising campaign
- Introduce new variations
