Marketing Mix - Product

Question 1

What is a Marketing Mix

Answer 1

The elements of a business’s marketing that are designed to meet the needs of its customers.

Question 2

What are the 4 Ps

Answer 2

Product, Price, Promotion and Place.

Question 3

What is a product

Answer 3

means the goods and services that a business provides for its customers. Packaging is an important part of ‘product’.

Question 4

What is the product life cycle

Answer 4

shows the stages through which a product passes through over time and the level of sales at each stage.

Question 5

What are the stages of the product life cycle

Answer 5

The stages are:

• Development
• Introduction
• Growth
• Maturity
• Saturation
• Decline

Question 6

What are extension strategies

Answer 6

ways in which a business prevents a product’s sales from declining.

Question 7

What are some examples of extension strategies

Answer 7

	Changing the product
	Changing the packaging
	Lowering the price
	New advertising campaigns
	Selling the product in new places

Question 8

What is Product Mix or Product Portfolio

Answer 8

Businesses will often offer a range of products.

Question 9

What is diversification

Answer 9

Many businesses produce more than one type of product, for example drinks, foods and household cleaning products.

Question 10

what are the advantages of Diversification

Answer 10

• Higher revenue due to selling a wider range of products

* Spreads the risk: if one type of product is unsuccessful, the others may still be profitable

Question 11

What is Product Differentiation

Answer 11

used by businesses to make their products different from other products they sell and different from those offered by competitors. (By altering the design, features, or some other aspect of their product).

Question 12

What is Brand

Answer 12

is a named product which customers see as being different from other products.

Question 13

How can a strong brand be developed

Answer 13

• Consistently high quality products
• Effective advertising
• Consistent use of logo, packaging, store layout, etc.

Question 14

What are the benefits of having a strong brand

Answer 14

• Greater customer awareness
• Customer loyalty and willingness to buy new products
• Able to charge higher prices for the products (also called ‘premium prices’)

All of these will lead to high levels of revenue which should lead to high profits.

Question 15

What is Own Brand

Answer 15

a product which is sold under the brand name of a supermarket chain or other retailer, rather than that of the manufacturer of the product. Own brands are usually cheaper than branded products.