Chapter 54, Product Flashcards Preview

Business - Marketing > Chapter 54, Product > Flashcards

Flashcards in Chapter 54, Product Deck (11):

Marketing Mix

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



Unique Selling Point of a Product


Value Analysis

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


Product Lifecycle

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


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


Product Portfolio

The range of products a business produces


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)


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


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


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



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