2.2

• What is the market mix discussed in the video?

  Product, Price, Promotion, Place
• How does the design mix influence product design?

  It sets priorities for product characteristics
• What does aesthetics refer to in product design?

  How the product appeals to the senses
• What does function refer to in product design?

  How well the product performs its task
• What does economic manufacturer cost refer to?

  The cost to produce the product
• Which product would prioritize economic manufacturer cost?

  Aldi's own brand cereal
• What is the product life cycle?

  Stages a product goes through over time
• What are the four stages of the product life cycle?

  Introduction, Growth, Maturity, Decline
• What happens during the introduction stage of the product life cycle?

  The product is launched and marketed heavily
• What occurs during the growth stage of the product life cycle?

  - product is likely to become more popular and sales will increase rapidly

  - customer reviews and word of mouth may replace forms of promotion

  - the business may choose to raise the price of the product if it thinks it will maintain demand even at a higher price
• What is the maturity stage in the product life cycle?


  - growth will now slow down but sales will be at peak

  - a business will br likely to have repeat purchases as there is a limit to the number of new customers that are interested in buying the product

  - they may use promotional techniques to remind people about the product

  - a business is likely yo be able to benefit from economies of scale and therefore maximise profitability
• What is the decline stage in the product life cycle?

  The product experiences a decrease in sales as the product loses popularity

  - they may need to lower the product's price and use a variety of promotional methods to encourage customers to buy the product again

  - a business has to decide whether to discontinue the product or attempt an extension strategy
• What is an extension strategy?

  Actions to prolong a product's sales life
• How did Apple use an extension strategy for the iPad?

  By introducing the iPad Mini and iPad Pro
• Why do technology products often have short life cycles?

  Due to rapid innovation and competition
• What is a differentiating feature in product marketing?

  A characteristic that makes a product stand out
• Why might a business choose not to differentiate its product?

  To focus on being a low-cost provider
• What are the two pricing strategies mentioned?

  High price and low price
• What must a high price indicate about a product?

  It must be of sufficient quality
• How does price relate to product quality?

  Price must match the product's quality level
• What is the relationship between high price and sales volume?

  Higher prices usually lead to lower sales volume
• What factors can affect the price set for a product?

  Brand, technology, and competition
• How does branding influence pricing?

  A strong brand can justify higher prices
• How can technology impact pricing strategies?

  It can lower production costs or create differentiation
• How does competition affect pricing decisions?

  More competition usually leads to lower prices
• What is the purpose of advertising in promotion?

  To reach and engage the target audience
• What are some methods of advertising mentioned?

  TV, radio, print, online
• How should advertising be tailored?

  It should link to the target audience
• Where would you advertise to reach young women?

  During a show like Love Island
• Where would you advertise to reach an older audience?

  On Classic FM radio
• Where would you place an ad for children's toys?

  In children's magazines
• What are the key components of the market mix?

  • Product
  • Price
  • Promotion
  • Place
• What are the stages of the product life cycle?

  1. Introduction
  2. Growth
  3. Maturity
  4. Decline
• What are the priorities in the design mix?

  • Aesthetics
  • Function
  • Economic Manufacturer
• What is the relationship between price and product quality?

  • High price indicates high quality
  • Low price indicates lower quality
• What are the methods of promotion discussed?

  • Advertising (TV, radio, print, online)
  • Targeting specific audiences
• Why is it important to link advertising to the target audience?

  To ensure the advertisement reaches the right viewers
• Where would you likely advertise to target young women?

  During a show like Love Island
• What type of audience does Classic FM typically attract?


  Older audience
• How can print advertising be targeted effectively?

  By using specific magazines for niches