product-marketing

• What is the definition of a product?

  A good or service provided by a business
• What is a brand?

  A unique image identifying a product
• What are the characteristics of branded products?

  • Trusted by consumers
  • Usually have a high price
  • Unique and recognized
  • Customers show brand loyalty
• Why do businesses brand their products?

  To differentiate from rivals and build recognition
• How does branding help in advertising?

  It promotes a range of products effectively
• What is the benefit of brand/customer loyalty?

  It leads to continued sales and repeat purchases
• How does branding enable higher prices?

  Customers are willing to pay for recognized brands
• What is a product portfolio?

  The collection of all goods and services offered
• Why sell high-quality products?

  To ensure customer satisfaction and repeat purchases
• How do high-quality products differentiate from rivals?

  They offer better value and attract more customers
• What is the advantage of selling a wide range of products?

  It spreads risk and meets diverse customer needs
• What is product differentiation?

  Distinguishing a product from competitors' offerings
• What does USP stand for?

  Unique Selling Point
• What is the purpose of packaging?

  To protect, store, and inform about the product
• What are the purposes of packaging?

  • Protection from damage
  • Storage before sale
  • Keeping product fresh and clean
  • Providing information (ingredients, safety)
  • Identifying product for brand loyalty
• What is the product life cycle?

  The stages a product goes through until discontinuation
• What happens during the introduction stage of the product life cycle?

  Products are launched with high costs and low sales
• What characterizes the growth stage of the product life cycle?

  Sales and profits are rising as customers repeat purchases
• What occurs during the decline stage of the product life cycle?

  Sales fall and many products cease to exist
• What are extension strategies in product life cycle?

  Methods to prolong product life cycle:

  • New features
  • New similar products
  • Change brand name/packaging
  • New flavors
  • Different quality options
  • Market in new places
  • New promotions
  • New pricing strategies
• What is product maturity?

  The stage where sales peak and level off
• What is product saturation?

  The market is full with similar products
• Why do businesses seek new markets during saturation?

  To find new customers and increase sales