Product

• What is the first P of the marketing mix?

  Product
• What can a product be?

  A tangible good or a service
• What does an enterprise's product portfolio encompass?

  All goods and services it offers
• What are product lines?

  Groups of closely linked products
• Give an example of a company with multiple product lines.

  Samsung with TVs, smartphones, appliances
• What is essential for managing a product portfolio effectively?

  Ensuring the right mix for customer needs
• What does the product life cycle illustrate?

  The stages a product goes through
• What are the five stages of the product life cycle?

  1. Development
  2. Introduction
  3. Growth
  4. Maturity
  5. Decline
• What happens during the development stage of the product life cycle?

  The product or service is created
• What occurs during the introduction stage of the product life cycle?

  The product is launched and awareness is built
• What happens in the growth stage of the product life cycle?

  Market share and sales increase
• What characterizes the maturity stage of the product life cycle?

  Sales plateau and market saturation
• What occurs during the decline stage of the product life cycle?

  Sales drop before product removal
• What is a unique selling point (USP)?

  A feature that distinguishes a product
• How can a USP be used in marketing?

  It can be used in advertising
• Give an example of a USP.

  Distinctive design like Dyson products
• Why is branding important to a product's success?

  It helps identify a company or product
• What is branding?

  The process of establishing a brand
• What does brand identity encompass?

  How customers recognize the business
• What is brand image?

  Customers' perceptions of the business
• What does brand personality refer to?

  Human traits associated with a business
• What factors shape brand image and personality?

  • Product quality
  • Appearance
  • Customer service
  • Staff uniforms
  • Marketing materials
  • Online presence
  • Advertising
• Why is branding crucial for customer loyalty?

  It helps stand out from competition
• What does a product portfolio cover?

  • All goods and services an enterprise sells
  • Includes product lines
  • Each product line has unique features
• What are the five stages of the product life cycle?

  Development, introduction, growth, maturity, decline
• What is the purpose of a unique selling point (USP)?

  To make a product stand out from competitors
• How does brand identity help a business?

  It aids in customer recognition
• What is the relationship between brand image and customer perception?

  Brand image shapes customer perceptions
• How do brand personality traits affect customer relationships?

  They influence how customers relate to the brand