The Marketing Mix

Question 1

Define innovation

Answer 1

When a business improves a product which already exists

Question 2

Give three examples of product differentiation

Answer 2

• making a clear USP (unique selling point)
• enabling a strong brand image
• offering a better price than other brands

Question 3

What are the stages of the product life cycle

Answer 3

1- introduction ( product is new, sales are just beggining)
2- growth ( sales grow quickly )
3- maturity ( sales reach there peak )
4- decline ( sales start too fall )

Question 4

Give three uses of the product life cycle

Answer 4

• identifies when to introduce extension strategies
  -identifies when to change marketing techniques
• identifies when a product should be discontinued

Question 5

Give two limitations to the product life cycle

Answer 5

• Doesn’t consider what competitors are doing
• Doesn’t consider social trends or change in taste