Product Flashcards
What is a product?
Anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need
What is a product portfolio
The range of products or brands provided by a business
Differentiation
making a product different from other similar products
What is the product lifecycle
the progression of a product through four basic stages: introduction, growth, maturity, and decline
Extension strategies
these are marketing plans to extend the maturity stage of the product before a brand new one is needed
Relationship between cashflow and product life cycle
When the product life cycle starts to grow so does the cash flow as it does when the life cycle decreases. This is because If the product is selling more, than it is obviously going to have a greater cash flow.
How can the Boston Matrix be used by a business?
When deciding what product to produce and actions need to be taken
What is the Boston Matrix?
a product portfolio analysis tool used to plan the development of products
dogs - low market share and low growth rate
cash cows - high market share and low growth
stars - high market share and high growth
New ventures - low market share and high growth
what is a brand
Image, a logo or a name associated with a product or business
What is unique selling point
what makes the product unique compared to other business
