2.4 The marketing mix- product

Question 1

How can you extend the life of a product?

Answer 1

• advertising a product more widely can increase sales and extend the life of a product
•reducing the price of a product can help to maintain sales and extend the life of a product
•selling in new markets opens the product to a wider range of customers so extends the life of the product

Question 2

What is a product life cycle?

Answer 2

•It is divided into four parts: introduction, growth maturity and decline
•it shows how the life of a product is measured against time

Question 3

what happens at the introduction stage of a product?

Answer 3

•this is when the product is launched
•sales grow slowly as people are not aware of the product and advertising is usually high

Question 4

What is happens at “the growth” stage in the product life cycle?

Answer 4

•sales start to grow rapidly

Question 5

What is happens at “the maturity” stage in the product life cycle?

Answer 5

•sales are at their highest and growth is slow

Question 6

What is happens at “the decline” stage in the product life cycle?

Answer 6

*sales start to fall

Question 7

what are some advantages of using the product life cycle model?

Answer 7

it indicates when to:
•change marketing spend
•change marketing activities
•introduce extension activities

Question 8

what are some disadvantages of the product life cycle model?

Answer 8

•does not consider external factors e.g. competitor activity and social trends

Question 9

what is innovation?

Answer 9

when businesses try to develop an advantage over competitors by releasing an entirely new product or a product that is a development or iprovement of an existing one in order to increase demand for their products

Question 10

what is branding?

Answer 10

*a brand is a name,term,design or symbol or any feature that reflects the product or service and makes it distinct from others
*branding gives the customer an understanding of what to expect from a product