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Business Final T1 2023 > Final T1 2023 > Flashcards

Final T1 2023 Flashcards

1
Q

What are the four P
s in the marketing mix?

A

Product, Price, Place and promotion.

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2
Q

What are the four types of products?

A

Consumer goods and services, Producer goods and services

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3
Q

What is the 1st stage of product development?

A

Generate ideas

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4
Q

What is the second stage of product development

A

Best ideas for further research

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5
Q

What is the 3rd stage?

A

decide if the company will be able to sell it

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6
Q

What is the 4th stage?

A

Develop a prototype

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7
Q

What is the 5th and final stage?

A

Launch it to the market

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8
Q

What is packaging?

A

The physical container or wrapping of a product. It can promote the product by being appealing.

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9
Q

What is the product life cycle? dig msd

A

Development, Introduction, Growth, Maturity, Saturation and Decline (DIG MSD)

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10
Q

what is an extension strategy?

A

A way of keeping the product in the maturity stage.

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11
Q

How do businesses use extension strategies?

A

By renewing the product
Changing the packaging
Adding new features
Mix and match
New sizes
(lastly) Lower price

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12
Q

What is brand image?

A

The identity given to a product, giving it personality

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13
Q

How does brand image it impact customers?

A

It brings their attention, protects and informs about the product.

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14
Q

What are benefits of developing new products?

A

Diversification and expanding into new and existing markets

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15
Q

What are the drawbacks of developing new products?

A

If development is not well recieved, the company will lose money and its image.

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16
Q

What is the selling point?

A

The special feature of a product that differentiates it from its competitors

17
Q

What is brand name?

A

The unique name for a product that distinguishes it from other brands

18
Q

What is brand loyalty?

A

When customers keep buying your product instead of the competitor’s products.

19
Q

What is Product Development?

A

The process in which a company identifies the best way to provide a good or a service

Business Final T1 2023 (1 decks)

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