2.2.1 Product

• Tangible products are physical items that can be touched, seen, and used
• Cars, smartphones, and clothing are examples of tangible products.
• What is the product lifecycle?

  Stages a product goes through
• What are the two main types of products in business?

  Tangible and intangible
• What is an example of a tangible product?

  Car
• Stages of the product lifecycle

  1️⃣ Introduction

  2️⃣ Growth

  3️⃣ Maturity

  4️⃣ Decline
• During the decline stage, profits decline and costs are cut.


  True
• Match the purpose with the product decision:

  Packaging ↔️ Protect and preserve

  Labeling ↔️ Provide product details

  Branding ↔️ Create a unique identity
• Higher customer loyalty is a key benefit of a strong brand
• Intangible products provide value but lack physical form.


  True
• Financial advice is an example of an intangible product.


  True
• During the introduction stage, sales are low and competition is limited.
• Tangible products are physical items that can be touched, seen, and used.


  True
• Intangible products include financial advice, insurance, and streaming services.

  True
• In the introduction stage, sales are low
• Why is product development important for businesses?

  Stay competitive
• Packaging design includes decisions about material, size, shape, and graphics.


  True
• What is a product in business terms?

  Good, service, or idea
• What are the two main types of products?

  Tangible and intangible
• In the maturity stage, sales stabilize and competition intensifies.


  True
• Intangible products provide value but lack physical form
• What is the product lifecycle?

  Stages from introduction to withdrawal
• What happens to competition during the growth stage of the product lifecycle?

  Competition emerges
• Packaging refers to the physical container or wrapper
• What is the primary goal of branding?

  Create a unique identity