Product ( Product Portfolio, Branding, USP, Packaging )

Question 1

Are products created just to be a functional item ?

Answer 1

No, businesses have to consider the products personality, and what it says about the consumer purchasing it.

Question 2

What is a product portfolio ?

Answer 2

The range of products that a business produces and sells

Question 3

What are the benefits of having a product portfolio to a business ?

Answer 3

• 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

Question 4

What is meant by product Breadth and Depth ?

Answer 4

Breadth - The number of product lines a business produces and retails

Depth - The number of product varieties within each product line

Question 5

What is the benefit of having depth in a product line ?

Answer 5

Having depth increases the number of repeat buyers looking for variations of the product and also allows targeting of different market niches.

Question 6

Marketing is often brand driven. What is the objective of branding ?

Answer 6

Branding aims to establish a product with a separate identity in consumers’ minds, making the product desirable, wanted and, even needed.

Question 7

What do Brands represent ?

Answer 7

The Attributes, Values, Beliefs and Personality that a business wants to portray

Question 8

What benefits come with increasing brand awareness ?

Answer 8

• Creates Brand loyalty
• Differentiates the product
• Gain flexibility when making pricing decisions
• Help recognition
• Develop Brand image

Question 9

What is a Unique Selling Point ( USP )

Answer 9

A product or service that has a feature, or features, which can be used to separate it from the competition.

Question 10

What 6 factors are taken into account when creating a products Packaging ?

Answer 10

• Design
• Convenience
• Protection
• Information
• Environmental factors
• Cost