ch12 MM product Flashcards
(7 cards)
1
Q
What is Marketing mix?
A
Marketing mix refers to the different elements involved in the marketing of a good or service
2
Q
What is Product?
A
Product is the good or service being produced and sold in the market to satisfy customer need and want.
2
Q
what are the ADV of New Product Development?
A
- Can create a Unique Selling Point (USP)
by developing a new innovative product different from competitors. - Charge higher prices for new products
-Developing new products for new markets increase potential sales, revenue and profit
- Helps spreads risks
3
Q
what are the DISADV of New Product Development?
A
- Market research need to be carried out
- Developing new products may need high capital expenditure
4
Q
what is a Brand?
A
Is the name, logo, color of the business/product that differentiates its products from competitors.
5
Q
why is Packaging? (IMPORTAND)
A
- Provide information about the product
- To help consumers recognize the product
- Used as a promotion tool which attracts customer.
6
Q
What are the Product Life Cycle?
A
- Introduction
- Growth
- Maturity
- Decline
