Marketing- Product Flashcards
What is product
The item actually being solded
What is the product life cycle
The staged through the products life
- introduction
- growth
- maturity
- decline
What is the Boston matrix
Categorises the products you sell into 4 areas - cash cows, dogs, stars, question marks
What is the product portfolio analysis
provide nuanced views on a stock type, company growth prospects, profit margin drivers, income contributions, market leadership, and operational risk.
What is a unique selling point
The unique attraction of the business that differentiates it self from their competitors
Why as USP used
It differentiates themselves from competitors
What is meant by brand and branding
Your brand is how others perceive your business. It’s the emotional connection that you make with your audience. Branding is the set of actions you take to build your brand.
Evaluate the importance of product in the marketing mix
makes the entire process of connecting with consumers and generating sales possible, the product provides the ultimate value to the customer and serves as the entire reason for the marketing effort
Evaluate the impact of product differentiation
Increases brand loyalty, sales, and increases customer base
What is value anyalsis
a systematic review of the production, purchasing and product design processes to reduce overall product costs
Importance of brand
Creates something that customers can be loyal to
