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products, marketing
| Term | Definition |
|---|---|
| marketing mix | 4P’s - product price place and promotion |
| USP | unique selling point - special feature of a product that differentiates it from the products of competitors |
| benefits of developing new products | >USP >diversification >allows business to expand into new markets >and expand into existing markets |
| brand name | unique name of prodhct, distinguishes if from other brands |
| brand loyalty | consumers keep buying the same brand instead of choosing competitors |
| brand image | an image or identity given to product (personality of its own) |
| packaging | physical container or wrapping for a product, also used for promotion and selling appeal -should protect product + easy to use + transport -eye catching -carry info about product -promote brand image |
| product life cycle | describes stages of a product- from introduction through growth until mature and decline |
| product life cycle steps | 1) product developed 2) is introduced+launched and sales grow slowly 3)sales grow rapidly +costs are covered 4) maturity, sales now increase slowly and lots of advertising 5) sales reach saturation point 6) decline, advertising reduce + stop |
| pricing in product life cycle | -branded product is sold at high price when first introduced to market- low price + wrong message about quality -prices = likely to be relatively higher than competitors in growth stage -in saturation/maturity, price is reduced (competitors launch) |
| promotion in product life cycle | >promotion is higher at introduction > advertising is reduced later on >promotion spending increased again if business decided to adopt extension strategy |
| extension strategy | way of keeping maturity stage of life cycle and extending cycle (introduce new variations, sell into new markets, make small changes, use new advertising campaign, introduce new+improved version of old product) |
Created by:
elisseu
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