Marketing Mix: Product Flashcards
1
Q
Marketing mix
A
Describe all activities which go into marketing of a product or service
2
Q
Types of product
A
- consumer goods
- consumer services
- producer goods
- producer services
3
Q
Unique selling point
A
Special feature of a product that differentiates from competitors
4
Q
Benefits of developing new product
A
- diversification for business
- expand to new markets
- expand to existing markets
5
Q
Disadv of developing new products
A
- costs of producing trial products
- costs of carrying out market research
- lack of sales if wrong target market
6
Q
Brand name
A
Unique name of product that distinguish from other brands
7
Q
Brand image
A
Identity given to product, distinguish from other brands
8
Q
Packaging
A
Enclosing a product for distribution and usage
9
Q
Functions of packaging
A
- promotes product
- identification
- protection
- easy to use
10
Q
Product life cycle
A
Stages a product will pass through
11
Q
Extension strategy
A
Way of keeping product at maturity stage, extends cycle
12
Q
Ways of extending plc
A
- introduce new variation
- small changes to product design
- new advertisement strategy
- sell into new markets
