chapter 54 Flashcards
what are the 4ps
prouduct, price, place and promotion
differentiation
it’s important to make the product distinctive, finding a USP to help the product stand out
e.g. branding, logo
what are the 4 stages of the product life cycle
- introduction
- growth
- maturity
- decline
what happens in the intro
research and development are undertaken
what happens in the growth stage
this is reached when people are more aware of the product and sales are growing. this is a success.
what is the maturity stage
if it reachs this stage it means a product will be profitable but maintaining it can be a issue as sales are likely to flatten out.
what is the decline stage
this is where sales are starting to fall as counsumers have lost interest
what is product positioning
selling the right product to the right segment of the market
what is product portfolio
having considered one product its important to realise that many businesses produce a range of products
what is a tool that can be used to decide what products to prouce
the boston matrix
consists of market share and market growth.
rising star
dog
cash cow
problem child
