Marketing - Product Flashcards
What is the definition of product ?
A good or service that is sold to customers or other businesses. This includes the after-sales service and packaging
A product should have a USP (unique selling point)
What are the stages of the product life cycle ?
- introduction
- growth
- maturing
- decline
What is the definition of branding ?
A name, symbol or design that the producer uses to make a product recognisable
This can be created through a logo, colours or slogan
What are some disadvantages of branding ?
- Fakes can appear expensive to fight
- one product can affect whole brand image
- high initial costs
What is the purpose of packaging ?
It provides protection during transportation customer appeal and recognition
What are features of packaging ?
Biodegradable
reusable
recyclable
organic
minimum
What are the stages of research and development ?
- idea generation
- developments
- prototypes + testing
- modifications
- launch to market
What are some advantages of branding ?
- can save money on marketing once the brand is a household name
- higher price can be charged
- easier to launch new products
- customer loyalty
Draw a product life cycle diagram
