Business Studies GCSE Unit 2: Marketing (AQA)

Revision cards for the Marketing topic of UNIT 2 GCSE Business Studies AQA.

HideShow resource information
  • Created by: themshah
  • Created on: 25-03-16 18:30

Marketing Mix: Product

Product portfolio: the range of products sold by a business. 

Benefits of a product portfolio: 

  • Supports the original product (customer spends more in any one visit). 
  • Different target markets (new products may appeal to other people). 
  • Diversification (increasing sales of new products help declining sales for other products). 

Problems of a large product mix: 

  • Many managers employed to make decisions about products - EXPENSIVE. 
  • Bad publicity for one product - HARMS WHOLE COMPANY IMAGE. 
  • Developing and selling many products - COSTS ARE HIGH. 
  • Insufficient market research - PRODUCT FAILS. 
1 of 3

Marketing Mix: Product

Product Life cycle

(http://cdn3.businesssetfree.com/wp-content/uploads/2013/04/Product-Lifecycle-e1364967651462.png?3d1de4)

2 of 3

Marketing Mix: Product

Product Life cycle

Launch - sales start slowly as consumers get to know the product. 

Growth - sales accelerate if well advertised and consumers like it. 

Maturity - sales level off as competitors enter the market or tastes change. 

Decline - sales fall as it becomes less popoular. It may eventually be taken off the market. 

Extension strategies: steps taken to extend the lifecycle of the product. 

  • Updated designs (may need expensive research). 
  • New advertising campaign (increase funds). 
  • New markets. 
  • New brand image (packaging and expensive new adverts). 
3 of 3

Comments

No comments have yet been made

Similar Business Studies resources:

See all Business Studies resources »See all Marketing mix resources »