Product

• Unique selling point (USP): the special feature of a product that differentiates it from the products of competitors
• Brand name: the unique name of a product that distinguishes it from other brands
• Brand loyalty: when consumers keep buying the same brand again and again instead of choosing a competitor's brand.
• Brand image: an image or identity given to a product that gives it a personality of its own and distinguishes it from its competitors' brands.
• Packaging: the physical container or wrapping for a product
• Product life cycle: the stages a product will pass through from its introduction, through its growth until it is mature, and then finally its decline.
• Extension strategy: a way of keeping a product at the maturity stage of the life cycle and extending the cycle.
• Benefits of developing new products

  • help create USP
  • keep products up to date
  • enter new market
  • diversification

  Drawbacks of developing new products

  • market research is expensive, time consuming
  • investment can be very expensive
• Branding:

  • establish and develop brand name
  • create brand image and identity
  • encourage brand loyalty
• Role of packaging:

  • product protection
  • promotional effect
  • information helps consumer
  • recyclable
• Extension strategies:

  • Finding new markets for the product
  • Finding new uses for the product
  • Redesigning the product or the packaging to improve its appeal to consumers
  • Increasing advertising and other promotional activities