Chapter 54, Product Flashcards Preview

Business - Marketing > Chapter 54, Product > Flashcards

Flashcards in Chapter 54, Product Deck (11):
1

Marketing Mix

factors that are considered in a marketing strategy and campaign of a business Product, Place, Promotion, Prices

2

USP

Unique Selling Point of a Product

3

Value Analysis

- the function of the product
- the aesthetics
- the economic cost of the product

4

Product Lifecycle

1 Introduction/ Developmental stage
2 growth stage
3 maturity
4 decline stage
see paper flashcards for depth

5

Product positioning

selling the right product in the right segment of the market. this can be achieved through pricing in comparison to competitors, high-quality product,
satisfying a small segment of the market, unique selling point

6

Product Portfolio

The range of products a business produces

7

Boston Matrix

A tool to decide and evaluate what products to produce
consisting of 4 types of products
- Rising Star (High Market share, High Market growth)
- Problem Child (Low Market share, High Market growth)
- Cash Cow (High Market share, Low Market Growth)
- Dog (Low Market share, Low Market growth)

8

Rising Star

Has a high Market share in a market that has potential growth. Relays on heavy advertising in order to have a high market share which can be costly

9

Cash Cow

ensures high revenues and market share but in a market that has little growth. does not need heavy marketing and generates lots of cash without lots of investment

10

Problem Child (Question marks)

has a low market share in a fast-growing market, the aim for it to become a star or cash cow in the future. Investment in marketing is needed in order to gain a higher market share

11

Dog

Low Market share and a low Market growth and has no real future and ought to be dropped as soon as possible