2.2.1 Product

Question 1

What’s The Acronym To Remember The things That Are in the Design Mix?

Answer 1

• C - Cost
• A - Aesthetics
• F - Function

Question 2

Write a Definition of Function?

Answer 2

• Function Is the Way The Products Works ,Does what it Needs to do and Is The Product Reliable.

Question 3

Write a Definition of Aesthetics?

Answer 3

• Aesthetics is how the product looks and Appeals To The Customer.

Question 4

Write a Definition of Cost?

Answer 4

• Cost Is How Much The Products Has Been Made.

Question 5

Give Examples of Products That Suit Funtion,Cost or Aesthetics?

Answer 5

• Aesthetics - Suit and Dress.
• Function - Hole Puncher.
• Cost - Biro Pen

Question 6

What is The Design Mix?

Answer 6

• The Design Mix Uses a Pyramid to Encourage Managers to Decide on the Main Design Properties For a New Product.

Question 7

Write a Definition of The Product Life Cycle?

Answer 7

• The Product Life Cycle is a Business Model That Represents The Sales of a Product Through Different stages of Its Life.

Question 8

Where Do Business Want to Locate Their Product On The Design Mix?

Answer 8

• Business Would Want To Locate Their Product In The Center of The Pyramid.

Question 9

What The Acronym To Remember The Different Stages Of The Product Life Cycle?

Answer 9

• I - Introduction
• G - Growth
• M -Maturity
• D - Decline

Question 10

What Happens In The Introduction Stage and Give a Example?

Answer 10

• In The Introduction Stage a New Product Is Released Onto the Market.
• For Example : AI and Self Driving Cars.

Question 11

What Happens In The Growth Stage and Give a Example?

Answer 11

• If The Launch Is Successful Sales Will Increase Sharply and The Product Might Make Profit for The First Time.
• For Example: Electric Cars and Vegan Meals.

Question 12

What Happens In The Maturity Stage and Give a Example?

Answer 12

• Sales Growth Slows Down But Repeat Customers Continue To Buy and Those Customers Become Loyal Customers.
• Then The Market Gains Lots Of Rivals Who Bring Each Bring Competing Products.
• For Example:Coca Cola and Dairy Milk.

Question 13

What Happens In The Decline Stage and Give a Example?

Answer 13

• Eventually The Product is Outdated and Their is a Big Fall in Sales Lead to a Withdrawal.
• For Example : Headphones and Typewriters.

Question 14

What is Extension Strategies and What Does It Involve?

Answer 14

• Business can increase the life of a product using Extension Strategies.
• This Involves Slightly Changing The Product so that it has a Fresh Appeal to the Target market.

Question 15

Name 3 Extension Strategies a Business Could Use?

Answer 15

• 1) New Marketing Campaign.
• 2) a Modified Product.
• 3) Change in Packaging.

Question 16

Write a Definition of Product Differentiation?

Answer 16

• Product Differentiation Is About Making a Product different from other products in some way.

Question 17

Name 2 Ways Product Differentiation Helps a Business?

Answer 17

• 1) To Gain an advantage over rivals when faced with competition.
• 2) to Position their products and target different market Segments.

Question 18

name 6 Ways a Company can Differentiation a Products?

Answer 18

• 1) Quality.
• 2) Unique and catchy Product Name.
• 3) Packaging.
• 4) Design,Function.
• 5) Customer Service.
• 6) Differentiation across the Value Chain.

Question 19

Name a Benefit of using product life cycle to make decisions about the product ( 3 Marker)?

Answer 19

the product life cycle helps to reduce the risk of Negative cash flow (P) This is because business will know for each stage if they need to spend money on advertising (S) This Leads to less cash outflow when it is not needed (S) Therefore large sums of money only being spent on advertising during introduction phase of the product life cycle.(S)

Question 20

Name a Benefit of Using an Extension Strategy in the Product life Cycle ( 3 Marker)?

Answer 20

Business Will try to keep the sales of a product at the highest level to increase sales and profits (P) This is because the business may use a number of methods to extend sales such as new packaging or product Differentiation (S) This leads to extension strategies encouraging customers to continues purchases the product (S)

Question 21

The importance to business of differentiating a product or service

Answer 21

If the products has Something that no Other Products Has that is a Unique selling Point (USP) (P) This is Because Having a USP and a High Differentiation will allow the business to charge a high price and create customer loyalty (S) This Leads to the business devolving a brand for its products and customers are likely to return and repeat purchases (S)