Product ( Product Portfolio, Branding, USP, Packaging ) Flashcards
Are products created just to be a functional item ?
No, businesses have to consider the products personality, and what it says about the consumer purchasing it.
What is a product portfolio ?
The range of products that a business produces and sells
What are the benefits of having a product portfolio to a business ?
- Spreads fixed costs
- Allows for greater economies of scale
- Allows for targeting of wider markets
- Reduces risk
- Smooths out overall sales
- Creates opportunities for growth
What is meant by product Breadth and Depth ?
Breadth - The number of product lines a business produces and retails
Depth - The number of product varieties within each product line
What is the benefit of having depth in a product line ?
Having depth increases the number of repeat buyers looking for variations of the product and also allows targeting of different market niches.
Marketing is often brand driven. What is the objective of branding ?
Branding aims to establish a product with a separate identity in consumers’ minds, making the product desirable, wanted and, even needed.
What do Brands represent ?
The Attributes, Values, Beliefs and Personality that a business wants to portray
What benefits come with increasing brand awareness ?
- Creates Brand loyalty
- Differentiates the product
- Gain flexibility when making pricing decisions
- Help recognition
- Develop Brand image
What is a Unique Selling Point ( USP )
A product or service that has a feature, or features, which can be used to separate it from the competition.
What 6 factors are taken into account when creating a products Packaging ?
- Design
- Convenience
- Protection
- Information
- Environmental factors
- Cost
