This is the stage before the product is released where the business is designing and testing the product as well as market research.
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What is the Stage Introduction?
The Product is launched into the market. Businesses will be advertising the new product to increase awareness.
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What is the Stage Growth?
If the launch of the product is a success, it will enter this stage where sales are increasing.
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What is the Stage Maturity?
Most customers have tried or bought the product. Sales are at their highest but the rate of growth is now slow.
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What is the Stage Decline
Sales are declining which can lead to the product being withdraw from the market.
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What is an Extension Strategy?
An extension strategy is when a business identifies a product is entering the decline stage so actions are taken, aimed to extend the life of a product.
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What Extension Strategies can Businesses use?
They could:
-Advertise the product
-Price of product could be reduced
-Add value
-Explore new markets
-New packaging
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What is Product Differentiation?
It refers to what stand out about a product or service a business is launching.
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How can Product Differentiation be Achieved?
-Businesses should try to build a strong brand image for their goods or services
-Businesses should focus on the function, cost and appearance of their product
-Offer an improved location
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What is a USP?
USP stands for unique selling point
It is a specific thing that a business identifies about their product or service that is different. This can help them differentiate form competitors.
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How can Identifying a USP for a Product help Sales?
If the business identifies a USP they can use it in their advertising. It will help the product stand out and will give a reason for customers to change.
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What does 'External Factors on Product Development' mean?
They are things that are out of a businesses control that they must consider when developing a new product or service.
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What can Externa Factors Impact?
-The way the product is manufactured
-The quality of the product
-The price the product is sold
-People's ability to purchase
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What are the Three External Factors that could affect Product Development?
-Technological development
-Economic issues
-Legal issues
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Explain Technological Development?
Anything outside of the business relating to technological updates or changes in trends based on technology (the rise in popularity of internet shopping, for example)
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Explain Economic Issues?
Anything outside of the business relating to the economy and money, rates of unemployment, for example
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Explain Legal Issues?
Anything to do with changes in the laws or legal requirements for the production and sale of a product within a certain country (Brexit, for example)
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