PRODUCT DESIGN Flashcards
What is product design?
The process of creating new products or services for firms to sell.
What do businesses need to consider when designing a new product? Name 3.
- Functionality
- Reliability
- Aesthetics
- Quality
- Economic costs
What is a brand?
A brand can be defined as: a name, term, design, symbol or any other feature that identifies one seller’s good or service as distinct from those of other sellers
What is a benefit of branding?
If the brand is memorable, it will lead to an impression in the consumers mind of what it associates with that product. This can be positive or negative.
What is a market driven approach?
One that listens and responds to the needs and wants of customers and is more effective in creating successful products
What is the definition of USP?
Unique Selling Point
What is product differentiation?
The process of distinguishing a product or service from others, to make it more attractive to a particular target market.
Why is product diffentiation important?
If products are too similar then there can be intense price competition between businesses.
The more different products are, the more likely it is that a firm can charge a higher price than competitors.
