Learn Unit 1 Marketing Mix Product

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1. Explain the term 'product mix'
When a firm has more than one product it is said to have a product mix.
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2. Identify the 5 stages of a product lifecycle
Stage 1- Introduction Stage 2- Growth Stage 3- Maturity Stage 4- Decline Stage 5- Extension strategy
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3. State two advantages of selling more than one product
1. Attract new customers by aiming at different target markets 2. If one product starts to decline in sales the business still has the other products.
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4. State two downsides of selling more than one product
1. The cost to run the machinery 2. The cost of marketing two products and market research for two products.
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5. State 4 extension strategies and explain how those strategies might affect departments in a business. Strategy 1
New features- The product development department would have to develop the new features and the marketing department would have to advertise them.
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6. State 4 extension strategies and explain how those strategies might affect departments in a business. Strategy 2
New advertising campaign- The marketing department would need extra resources for the marketing campaign.
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7. State 4 extension strategies and explain how those strategies might affect departments in a business. Strategy 3
New brand image- The marketing department will need extra resources to advertise the new brand image.
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8. State 4 extension strategies and explain how those strategies might affect departments in a business. Strategy 4
Targeting new markets with an existing product- the packaging may need to be changed, so production would need more resources. Again, the marketing department would need more resources to advertise.
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Card 2

Front

2. Identify the 5 stages of a product lifecycle

Back

Stage 1- Introduction Stage 2- Growth Stage 3- Maturity Stage 4- Decline Stage 5- Extension strategy

Card 3

Front

3. State two advantages of selling more than one product

Back

Preview of the front of card 3

Card 4

Front

4. State two downsides of selling more than one product

Back

Preview of the front of card 4

Card 5

Front

5. State 4 extension strategies and explain how those strategies might affect departments in a business. Strategy 1

Back

Preview of the front of card 5
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