2.1 Marketing Mix - Product

Question 1

What are the reasons why some Businesses have a wider range of products (Product Portfolio)?

Answer 1

A wider range of products appeals to more audience
Don’t have to rely on one product
Attract new customers

Question 2

Describe the stages in a Product Life Cycle

Answer 2

1. Research and Development - When the product is created
2. Introduction (launch) - When the product is launched onto the market
3. Growth - When the product becomes popular
4. Maturity - When the products sees its sales peaks
5. Decline - When the products popularity starts to fall

Question 3

What does Extension Strategies do?

Answer 3

Increases the market share for a given product or service to keep it in Maturity rather than going into decline