30 - Using The Marketing Mix: Product Flashcards
Product line
A set of related goods or services
Product mix
The full range of products offered by a business, also known as product portfolio.
Unique selling point (USP)
A feature or function of a product that makes it different to any other on the market.
Product differentiation
Creating a perceived difference for a product in a competitive market.
Product portfolio analysis
Analysing the existing product mix to help develop a balanced range of goods and services.
Boston Matrix
A method of analysing the products in a firms portfolio based on the relative market share and market growth.
The product life cycle
The sales path of a product from ta introduction onto the market, to its eventual disappearance from the market.
Product development
Changing aspects of goods and services to meet the changing needs of existing customers or to target a different market.
