The Marketing Mix - Product Flashcards
What is a product?
A product is anything that is capable of satisfying customer needs. And it needs to exist for the other elements of the mix to happen.
Define product range
A set of variations on a specific product made to appeal to different market segments. Product ranges spread risk.
Explain product differentiation
This is the process of distinguishing a product or service from others, to make it more attractive to a particular market. This involves differentiating it from competitors product as Well as its firms own products
Why is the product important for customers?
The product needs to be fit for purpose it needs to be able to meet the needs and expectations from customers.
What are some challenges for the business in terms of the product?
To make products different from competitors
Ensure customers recognise that the product is different
Branding
Performance
What is meant by brand extension ?
Brand extension is a marketing strategy in which a firm marketing a product with a developed image, uses the same brand name in a different product category.
What is brand stretching?
Refers to the process of using established brand names to launch products in an unrelated and different product category. The potential growth for a brand stretch depends on how the core product was positioned in customers minds. Eg Virgin
What is the Boston consulting group matrix ?
The Boston consulting group matrix is designed to help with long term strategic planning , to help a business consider growth opportunities by reviewing its portfolio of products. To decide where to invest , to discontinue , or develop products.
What is a product portfolio ?
A product portfolio is the collection of all the products and services offered by a company
What are the four elements of Boston consulting group matrix ?
The matrix is divided into four quadrants based on analysis of market growth and relative market share.
Dogs : low growth and low market share
Question marks: in a high growth market and low market share
Stars: high growth markets with high market share
Cash cows: low growth markets , high market share.
