Product Flashcards

1
Q

What is a product?

A

A product is a good or service (functional item) which also has a personality

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2
Q

What is the product portfolio?

A

Mix of products the business produces and sells

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3
Q

PROS of a Product portfolio?

A

Spreads fixed cost
Greater EOS
Reduces risk
Opportunity for growth

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4
Q

What is Breadth and Depth?

A

Breadth (Number of product lines)

Depth(Number of product varieties )

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5
Q

What is Branding?

A

Establish a product with a separate identity in consumers’ minds

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6
Q

Branding importance and PROS ?

A

Brand loyalty

Differentiates Products

Help recognition

BRand image

Flexibility when making pricing decisions(Charge high prices)

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7
Q

Cons of Branding ?

A

Costs of advertising

Loss of brand value in one product affects all

Competition

R&D costs to keep improving

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8
Q

What is USP(Unique selling Point)?

A

Product or service has a feature which separates it from competition

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9
Q

Method of Product differentiation ?

A

Methods of Promo

Packaging

Form(Square carton for milk,Circle carton for milk)

Provision of add-ons(Insurance)

Quality and reliability

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10
Q

Factors affecting Packaging?

A

Design

Convenience (Straps to carry)

Protection(Doesn’t damage the product)

Information (nutrition facts)

Environmental factors (Paper,Plastic)
Cost

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11
Q

What is the product life cycle ?

A

Different stages in the life cycle of a product and sales achieved at each stage

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12
Q

Main components of a Product life cycle?

A

R&D
Introduction
Growth
Maturity(Peak)
Saturation(Start of a decline)
Decline

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13
Q

What are extension strategies and examples ?

A

Used to extend the life cycle of a product

Repositioning the product in the marketplace(Chocolate near Tills)
Relaunching the product
Repackaging
New features

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14
Q

Reasons for and against a product life cycle?

A

Identify when to launch new products

Extension strategies are needed

Does not predict sales

Management tool Not a decision

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15
Q

What is the Boston Matrix ?

A

To analyse Product portfolio with the use of a Matrix

Cash cows
Dogs
Problem child
Stars

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16
Q

What are the components of Boston Matrix ?

A

Star(High MG,HighMS)

Problem child/Question mark(High MG,Low MS)

Cash cow (High MS,Low MG)

Dog(LOW MG,Low MS)

17
Q

Pros and cons of The Boston Matrix

A

Simple to use and explain
Helps design a Strat
Easy to construct
Clear guidance

Based on assumptions
(MS gained through marketing)
Terminology of the 4 quad
(Dog undesirable,Still profitable)
High market share may not mean high profit