unit 5.5 quizlet

Question 1

Product range

Answer 1

Different types of the same product i.e iPhone X, 13, Pro

Question 2

Product portfolio

Answer 2

All products sold by a business i.e Airpods, Apple watch, iPhone, Macbook

Question 3

Product differentiation

Answer 3

Making the product stand out from competitors (USP)

Question 3

Extension strategies

Answer 3

Used to prolong the sales of a product in its maturity stage

Question 4

Product life cycle

Answer 4

The amount of time a product takes from being introduced to being taken off the shelves

Question 5

Stages of the product life cycle

Answer 5

1. Development 2. Introduction 3. Growth 4. Maturity 5. Decline

Question 6

Development

Answer 6

Market research is being conducted and the product is being created

Question 7

Introduction

Answer 7

The product is lauched

Question 8

Growth

Answer 8

Sales begin to increase rapidly

Question 9

Maturity

Answer 9

Sales slow down and level out

Question 10

Decline

Answer 10

Sales begin to fall

Question 11

Boston matrix

Answer 11

Analyses the businesses product portfolio in terms of their market share and the growth of the market

Question 12

Quadrants of the boston matrix

Answer 12

Star, cash cow, question mark, dog

Question 13

Star

Answer 13

high market share, high market growth

Question 14

Cash cow

Answer 14

high market share, low market growth

Question 15

Question mark

Answer 15

high market growth, low market share

Question 16

Dog

Answer 16

low market share, low market growth

Question 17

Balanced product portfolio

Answer 17

A strategy where a business has a mixture of products in each of the 4 quadrants of the boston matrix