Product Life cycle

Question 1

Product differentiation

Answer 1

firms will seek to make a product different from rivals

Question 2

Unique selling point

Answer 2

what makes a product or company stand out from its comptetitors

Question 3

Brand Image

Answer 3

feature that identifies one seller’s good or service as different from another

Question 4

Traditional Product Development process

Answer 4

Concept (Idea generation)
Research (Assess market)
Analysis (Business analysis)
Development(Production)
Launch (Go to market)

Question 5

Concept (Idea generation)

Answer 5

Competitors
Good or service
Need or want
Legislation)

Question 6

Research (Assess market)

Answer 6

Growth potential
Legal issues
Customer needs

Question 7

Analysis (Business analysis)

Answer 7

Costs
Resources
Anticipated sales

Question 8

Development (Production)

Answer 8

Manufacturing
Trial production

Question 9

Launch (Go to Market)

Answer 9

Distribution and marketing plan
Promotion

Question 10

Why is it important to develop a new product

Answer 10

When business is ahead of competition it may be able to charge high prices

Question 11

What makes a product sucessfull

Answer 11

Affordability
Quality
USP

Question 12

Importance of branding

Answer 12

Brand loyalty
Brand Image

Question 13

Development during product life cycle

Answer 13

when the product is being created

Question 14

growth during product life cycle

Answer 14

when sales are increasing at the fastest rate

Question 15

maturity during product life cycle

Answer 15

sales are at highest
market becomes saturated

Question 16

decline during product life cycle

Answer 16

sales begin to fall either steadily or instantly
product will eventually be removed from the market