Chapter 54, Product

Question 1

Marketing Mix

Answer 1

factors that are considered in a marketing strategy and campaign of a business Product, Place, Promotion, Prices

Question 2

USP

Answer 2

Unique Selling Point of a Product

Question 3

Value Analysis

Answer 3

• the function of the product
• the aesthetics
• the economic cost of the product

Question 4

Product Lifecycle

Answer 4

1 Introduction/ Developmental stage
2 growth stage
3 maturity
4 decline stage
see paper flashcards for depth

Question 5

Product positioning

Answer 5

selling the right product in the right segment of the market. this can be achieved through pricing in comparison to competitors, high-quality product,
satisfying a small segment of the market, unique selling point

Question 6

Product Portfolio

Answer 6

The range of products a business produces

Question 7

Boston Matrix

Answer 7

A tool to decide and evaluate what products to produce
consisting of 4 types of products
- Rising Star (High Market share, High Market growth)
- Problem Child (Low Market share, High Market growth)
- Cash Cow (High Market share, Low Market Growth)
- Dog (Low Market share, Low Market growth)

Question 8

Rising Star

Answer 8

Has a high Market share in a market that has potential growth. Relays on heavy advertising in order to have a high market share which can be costly

Question 9

Cash Cow

Answer 9

ensures high revenues and market share but in a market that has little growth. does not need heavy marketing and generates lots of cash without lots of investment

Question 10

Problem Child (Question marks)

Answer 10

has a low market share in a fast-growing market, the aim for it to become a star or cash cow in the future. Investment in marketing is needed in order to gain a higher market share

Question 11

Dog

Answer 11

Low Market share and a low Market growth and has no real future and ought to be dropped as soon as possible