Marketing (product) Flashcards

1
Q

Product portfolio

A

Range of products a company offers

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2
Q

What is the difference between product mix and range

A

Product Range-
Variations of a specific product made to appeal to different market segments

Product Mix-
A mix of related products that can be marketed together and to similar market segments

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3
Q

Why do larger businesses often widen their porfolio

A
  • To not have to depend on one product
  • Limit the risk of the products going through the life cycle too quickly
  • Attract more people because there is a range of products
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4
Q

Product life cycle

A

A model showing the life span of a products sales from launch to being taken off the market

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5
Q

What are the problems of a business widening their product portfolio

A
  • They might not be able to keep up with how many products they have and in what sections
  • Can mean that staff and cash are spread more thinly
  • cost of managing everything is expensive
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6
Q

Why is product life cycle useful

A
  • It shows a business what stage their product is at and where they are going next
  • It helps the company when planning. For example they gain a better idea of how to allocate marketing funds
  • Allows companies to take a more eager approach to maximizing sales and profits during each stage
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7
Q

Extension strategy

A

Used to increase the market share of a product in order to keep it in the maturity phase

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8
Q

Examples of extension strategies

A
  • Rebranding -Reduce price
  • Select a new target market -Promote again
  • Improve the product (Innovate) -Sales offers
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