4.5 Product Flashcards
The Boston matrix
It is a marketing tool for analyzing the product portfolio of a business.
Brand awareness
It measures the extent to which potential customers or the general public recognize a particular brand.
Brand development
It is a long term product strategy that involves strengthening the name and image of a brand to boost its appeal and sales.
Brand loyalty
It occurs when customers buy the same brand of a product time and time again. They are devoted to the brand since they have brand preference over other brand names.
Brand value
It refers to the premium that customers are willing to pay for a brand over and above the value of the product itself.
Branding
It refers to the use of an exclusive name, symbol or design to identify a specific product or organization. It differentiates a product from similar ones offered by rival firms.
Cash cow
It is a term used by the Boston Consulting Group to refer to any product that generates significant money due to its large market share in a mature market.
Consumer goods
They are products bought for personal consumption, such as consumer durables and perishables.
Dogs
They are products in the BCG matrix that have low market share and operate in low growth or stagnant markets. Hence, dogs do not generate much cash or profit for a business.
Extension strategy
It is an attempt by marketers to lengthen the life cycle of a particular product, typically used during the maturity or early decline stages of the product´s life cycle.
Fast-moving consumer goods
They are everyday convenience products sold in retail outlets such as supermarkets.
Producer goods
They are products purchased for commercial use, rather than for private use, such as machinery, vehicles and land.
Product
It refers to any physical or non-physical item (good or service) that is purchased by commercial or private customers.
Product differentiation
It refers to any strategy used to make a product appear to be distinct from others, such as quality, branding and packaging.
Product life cycle
It is the typical process that products go through from their initial design and launch to their decline and eventual withdrawal. Different products undergo each of the five stages (research, launch, growth, maturity and decline) as varying speeds.
