Product

Question 1

What is market orientation

Answer 1

Prioritises identifying the needs and desires of consumers and satisfying

Question 2

What is product orientation

Answer 2

Focuses on producing the highest quality product often with emphasis on feature, design and price

Question 3

What is asset led marketing

Answer 3

Where businesses use their internal strategies or “assets” to drive marketing e.g brand

Question 4

What is a low share low growth product

Answer 4

Dog

Question 5

What is a high share high growth product

Answer 5

Star

Question 6

What is a high share low growth product

Answer 6

Cash cow

Question 7

What is a high growth low share product

Answer 7

Question mark

Question 8

what is the definition of of boston matrix

Answer 8

a strategic business tool used to analyse product portfolio

Question 9

what are the advantages of using the Boston matrix

Answer 9

-helps with resource allocation:identifies what needs investment
-supports strategic planning:encourages long term thinking
-encourages a balanced portfolio

Question 10

what are the disadvantages of using the Boston matrix

Answer 10

-assumes high market share=high profits
-oversimplifies the reality:performance of a product can depend on things such as competitors and customer loyalty

Question 11

what is the definition of product life cycle

Answer 11

a concept that describes the different stages a product goes through from its introduction until its eventually removed

Question 12

what are the advantages of using a product life cycle

Answer 12

-helps with strategic planning e.g extension strategy
-encourages innovation R&D

Question 13

what are the disadvantages of using a product life cycle

Answer 13

-assumes all products go through the same pattern
-difficult to identify current stage