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EdExcel GCSE Business > 2.2.1 Product > Flashcards

2.2.1 Product Flashcards

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1
Q

What is part of the design mix?

A
  • function
  • cost
  • appearance/aesthetics
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2
Q

Function:

A
  • what the product should do
  • how well the products does what it was designed to do
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3
Q

Cost:

A
  • how cost-effective the product will be to manufacture
  • the cost is closely linked to the price
  • business’s will try to keep costs low but improved functionality and appearance will increase costs
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4
Q

Appearance/Aesthetics:

A
  • how the product appeals to customers
  • style and elegance are important for many products
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5
Q

What can the design mix of a product do?

A

the design mix of a product can differentiate it from different products

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6
Q

What are the phases of the product life-cycle?

A
  • introduction
  • growth
  • maturity
  • decline
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7
Q

Phases of the product life-cycle: Introduction

A
  • the product is launched/released into the market
  • sales may be low because only a small number of customers are aware that the product exists
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8
Q

Phases of the product life-cycle: Growth

A

if the launch is successful sales sharply increase (as more customers become aware of the products and esp. if customers like it) and the product may make a profit for the first tine

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9
Q

Phases of the product life-cycle: Maturity

A
  • sales reach their peak during this phase as the product becomes established - may become a regular purchase for customers who like it and customers may become loyal
  • sales growth slows down
  • the market becomes saturated as rivals bring out competing products
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10
Q

Phases of the product life-cycle: Decline

A
  • sales fall in this phase as product becomes outdated, loses popularity and customers look for alternatives
  • leads to a withdrawal when products becomes unprofitable
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11
Q

What determines where a product is in its life cycle?

A

the level of sales determines where a product is in its life-cycle

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12
Q

What does how long a product will last depend on?

A
  • how dynamic the market it
  • how strong the brand image behind the product is
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13
Q

Extension strategies:

A
  • methods the business can increase the life of a product
  • involves slightly changing the product so that it has a fresh appeal to the target market or appeals to a new market segment
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14
Q

How can product differentiation extend the life-cycle of a product?

A
  • making product stand out from competitors e.g. by highlighting the differences between its products
  • ensuring that a products has a good USP is a good way to differentiate it from other products
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15
Q

How can reduce the price of the product extend the life-cycle of a product?

A
  • by the time a product has reached maturity, it may face competition from other products
  • when this happens, the business may no longer be able to charge a high price for the product
  • if the price is reduced, existing customers are likely to continue buying it, while other customers may switch from competing products
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16
Q

How can re-branding a product extend the life-cycle of of a product?

A

Refreshing the brand and packaging design can appeal to new customers and convince previous customers to try a product again

17
Q

How can repositioning the product extend the life-cycle of of a product?

A
  • involves exploring new markets for a product
  • it is possible to revive a product by testing new uses for it or adding value so that it appeals to a different audience
18
Q

How can increasing marketing activity extend the life-cycle of of a product?

A
  • running new advertising campaigns and sales promotions can attract new customers
  • remind previous customers that the product still exists and encourage existing customers to buy more of the product
19
Q

Product differentiation:

A

about making a product different from other products in some way

20
Q

Importance of product differentiation:

A
  • to position their products and target different market segments
  • to gain an advantage over rivals when faced with competitions
  • allows consumers to see clearly that their needs are being met more effectively by one product than by another
21
Q

How can you differentiate a product?

A
  • unique and catchy product name
  • quality
  • design, formulation or function
  • packaging
  • customer service
  • differentiation across the value chaim

EdExcel GCSE Business (38 decks)

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