LO3 - Understand product development Flashcards
1
Q
What are the product life cycle?
A
The stages of product development. The journey a product will follow when entering a market.
2
Q
What is the area before section 1?
A
R&D - research and development
3
Q
What is area 4 called?
A
Decline
4
Q
What is area 1 called?
A
Introduction
5
Q
What is area 3 called?
A
Maturity
6
Q
What is area 2 called?
A
Growth
7
Q
What can be put in area 4 to ensure sales do not decline?
A
Introduce an extension strategy to extend the products life within the market.
8
Q
What method could be use to extend the life of a product?
A
- More advertising - Price changes - Adding value (e.g. improving the specification of an existing product) - Exploration of new markets (e.g. new geographic market, new target markets) - New packaging
9
Q
What does USP stand for?
A
Unique Selling Point
10
Q
Give methods which a business could which are considered as USP
A
- Consider the location
- Add unique features
- Add functions to products
- Change the design
- Develop the appearance
- Adapt the selling price
