Product

• What is the starting point for successful products?

  A good design that meets customer needs and wants
• What are the three factors a business usually considers when designing a product?

  Function, cost, and aesthetics
• What does the 'function' factor in product design refer to?

  What the product should do and how well it does it
• What does the 'cost' factor in product design refer to?

  How cost-effective the product will be to manufacture
• What does the 'aesthetics' factor in product design refer to?

  How the product appeals to consumers in terms of looks, feel, or smell
• How are the design factors mixed together in product design?

  • They are combined in different ways to appeal to different target markets.
  • The design mix can be illustrated using a triangle representing function, cost, and aesthetics.
• How might a high-end sports car prioritize design factors?

  It focuses more on aesthetics, such as appearance and driving experience
• What design factors might a family car prioritize?

  Function, such as safety features and size
• What design factors might a small car prioritize?

  Cost, focusing on being competitively priced and economical to run
• What are the four phases of the product life cycle?

  1. Introduction: Product is launched; sales may be low.
  2. Growth: Sales increase rapidly as awareness grows.
  3. Maturity: Sales peak as the product becomes established.
  4. Decline: Sales fall as the product loses popularity.
• What occurs during the growth phase of the product life cycle?

  Sales increase rapidly as more customers become aware of the product
• What happens during the introduction phase of the product life cycle?

  The product is launched, and sales may be low due to limited awareness
• What characterizes the maturity phase of the product life cycle?

  Sales reach their peak as the product becomes established
• What happens during the decline phase of the product life cycle?

  Sales fall as the product loses popularity and may be withdrawn
• What factors can affect how long a product lasts in its life cycle?

  Market dynamics and brand image strength
• Why do technological products tend to have short life cycles?

  Because they quickly become outdated as new technology emerges
• How does brand image affect a product's life cycle?

  A strong brand image can lead to a longer life cycle for a product
• What are some strategies businesses can use to extend a product's life cycle?

  • Product differentiation: Highlighting unique features.
  • Reducing the price: Making it more competitive.
  • Rebranding: Refreshing branding and packaging.
  • Repositioning: Exploring new markets or uses.
  • Increasing marketing activity: Running new campaigns and promotions.
• What does product differentiation mean?

  Making a product stand out from competitors by highlighting differences
• Why might a business reduce the price of a product?

  To remain competitive as the product reaches maturity
• How can rebranding help extend a product's life cycle?

  By refreshing branding and packaging to attract new customers
• What does repositioning a product involve?

  Exploring new markets or uses for the product
• How can increasing marketing activity help a product's life cycle?

  By attracting new customers and reminding existing ones
• What is a unique selling point (USP)?

  Something about a product that makes it more appealing than competitors
• What are some examples of a unique selling point (USP)?

  Best quality, lowest price, or a unique feature