marketing mix, product Flashcards
what is a product portfolio and why have one ?
- mix of products what the business sells
- to target wider markets
- reduce risk of failure
- ## create opportunity for grwoth
what is breadth
the number of product lines
what is depth
the number of varied products in each line
analyse branding
advanatges
- increase brand awareness
- differntiate products
- gain loyal customers
disadvnatges
- high cost of branding
- invites competion
- high cost on market research
what should good packaging include
design - memorable, eye catching
convenient - not too bulky as higher cost, can it be ealsiy openend
iinformation - include all product details and ingredients
eco firenly - cusotmers are largely aware of this
what are all stages of boston matrix and describe them
- star- high market share high groth
- cash cow- high market share low groth
- question mark- high growth low market share
dog - low share and low growth
disadvantages and advanatges of boston matrix
-A useful tool for analysing product portfolio decisions.
- allocate resources
- clear to understand
-But it is only a snapshot of the current position.
-Has little or no predictive value.
-Does not take account of environmental factors.
-There are flaws which flow from the assumptions on which the matrix is based.
what are the stages of product life cycle, draw it
reserch and development- intorduction - growth- maturity - decline
remeber profit line
what are extension startegies, give examples
- to prolong a products life cycle
- eg - now with, new packaging , differnt versions of product
analyse product life cycle
advanatges
- forcest sales trend
-adpot startegies
- allocate resources
disadvanatges
- prediction and the market is constanly changing
-some products may miss stages
