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Higher Business > Product > Flashcards

Product Flashcards

1
Q

what is the product

A

what your business is going to sell (good or service)

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2
Q

what makes a product successful

A

first one to be introduced
satisfies existing wants of customers
not too expensive to produce, able to make profit
has a unique selling point
capable of stimulating new wants in customers

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3
Q

what is the product life cycle

A

stages of a products life. some products have a short life cycle, with some having longer cycles

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4
Q

when does a business use the product life cycle

A

determine the future of their products
decide when to introduce new products
decide when to withdraw products in decline
decide which products to invest in

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5
Q

what are the stages of the product life cycle

A

product development
introduction
growth
maturity
saturation
decline
extension strategies

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6
Q

what is the product development stage

A

before a product is released, it goes through development. process of innovation known as Research and Development

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7
Q

what is the processes of Research and Development

A

generate the idea
test the idea
create prototype
prototype tested on marked
modifications made
product launch

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8
Q

what is the introduction stage

A

product is new to market. product not yet profitable at current stage. advertising & promotion heavily used to inform customers

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9
Q

what are the finances of the introduction stage

A

low sales, high costs
little or no profit/losses

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10
Q

what is the growth stage

A

product is becoming more established and customer awareness growing. competitors may enter market at this stage

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11
Q

what are the finances of the growth stage

A

sales grow rapidly
profits start to increase

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12
Q

what is the maturity stage

A

product well established. sales reach peak and advertising used to prop up sales. competition also reached peak, which drives down price of the product

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13
Q

what are the finances of the maturity stage

A

high sales, high profits
price lowering to keep up with competition

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14
Q

what is the saturation stage

A

sales reached limit, profits fall due to lowered prices. as more competitors enter maket, becomes saturated. some competitors forced out market

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15
Q

what are the finances at the saturation stage

A

high profits but starting to decrease

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16
Q

what is the decline stage

A

product no longer fashionable. sales fall, advertising stops, prices drop as no longer profitable to produce the product

17
Q

what are the finances at the decline stage

A

profits fall eventually becoming losses

18
Q

what are product extension strategies

A

elements of marketing mix can be changed to inject new life into a product. can extend growth period, or even halt its decline

19
Q

what are some examples of product extension strategies

A

changing the product (size, colour, packaging)
altering the distribution (moving to online)
changing the price/pricing strategy
using promotional campaigns (buy one get one free)

20
Q

what is the product portfolio of a business

A

the range of products an organisation produces. range of products usually under same brand name, but can move into different product ranges

21
Q

what are the advantages of having a varied product portfolio

A

increased profit by selling a range of products
brand awareness increases
easier to launch new products

22
Q

what are the disadvantages of having a varied product portfolio

A

advertising costs higher to ensure customers know about product
R&D costly to maintain variety of products
if one product under brand name has problem, can affect whole portfolio

23
Q

what is the product line portfolio

A

when one product success is then used to introduce “spin-off” products. tend to be in same market

24
Q

what is a diversified product portfolio

A

allows organisations to “test the water” in other markets that are seperate from their core original business

25
Q

what is the boston matrix

A

a method of analysing a business’ product portfolio. focuses on each products market share and market growth

26
Q

what are the elements of a boston matrix

A

stars
cash cows
question marks
dogs

27
Q

what is a dog

A

products with a low market growth and a low market share. these types of products are likely in decline

28
Q

what is a cash cow

A

products with low market growth but high market share. brings in steady stream of income, doesnt require much investment as are already established products

29
Q

what is a question mark

A

products with a low market growth but a high market share. may have future potential but need considerable investment in order to grow

30
Q

what is a star

A

products with high growth and high market share. strong competitors, but may require lots of investment to keep them in strong position

Higher Business (20 decks)

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