Topic 2.2.1 - .2.5

Cards (4)

What is the design mix?
Function - refers to the utility or purpose of the product or service
Aesthetics - visual appeal, style and attractiveness of products/services
Cost - financial aspect of design
What are the phases of a product's life cycle?
Introduction - when the product is first introduced to the market
Growth - sales start to increase as consumer awareness and demand grow
Maturity - sales reach their peak, but growth slows down as market becomes saturated
Decline - sales decline as consumer preferences change
What are some extension strategies?
Product improvement - enhancing a product's features to meet changing customer needs
Market development - expanding into new markets or market segments
Product diversification - introducing new versions of existing products
Promotional strategies - offering discounts and intensifying market efforts
What is the importance of differentiating a product/service?
Competitive advantage - offers business unique features, benefits that distinguish them from rivals
Customer satisfaction - helps business meet diverse customer needs, enhancing customer loyalty
Brand identity - reinforces brand identity and positioning in the marketplace, creating a strong brand image
Market resilience - less susceptible to price competition and market fluctuations