Product

• Product


  The products or services the business sells
• Product development


  1. Generating an idea

  2. Checking the idea

  3. Developing the product

  4. Trialling the product

  5. Launching the product
• Product development


  • Businesses need to think about the design, the price, the expected sales and the cost of development and production
  • Businesses need to change its products to keep up with changes in customer needs
• Product differentiation


  Businesses need to stand out from their competitors
• Ways to achieve product differentiation

  • Building brand image - advertising, celebrity endorsements and its logo
  • Having a unique selling point (USP)
• Product portfolio


  The collection of products that a business sells
• Boston Matrix


  • Measures a product in terms of its market share and market growth
  • Has four categories: stars, cash cows, question marks, dogs
• Product life cycle


  1. Development

  2. Introduction

  3. Growth

  4. Maturity

  5. Decline
• Product life cycle


  • Shows the sales of a product from its development to its decline
• Extension strategies


  Strategies used to prevent a product going into decline, such as reducing the price, advertising, new packaging, new features