Function-can the product do what it's meant to do, aesthetics-does it look as the consumer would want it to, economic production-can it be produced and sold at a profit
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Function
Consumers expectations tend to rise with the products price, the consumer expects the product to do its functions
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Aesthetics
Shape, colour, design, size, expectations based on current trend/fashion
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Economic production
Businesses desire profit, a good product will generate profit for its producers a product
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Value analysis
A process that firms carry out to asses the attributes of their product in relation to what is likely to be successful
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Product life cycle
A marketing model that assesses the patern of sales over time, in which four stages represent different aspects of the products life
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Plc
Introduction, growth, maturity, decline
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Introduction
Product is introduced into the market, sales are slow, heavy promotion
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Growth
Sales start to increase,consumers become aware of the product
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Maturity
Sales continue but growth rate slows, weak rivals in the market begin to drop out
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Decline
Sales drop, product is either replaced or removed
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Extension strategies
Methods used to extend the maturity phase of their product life cycle
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Boston matrix
A marketing model that assesses individual products in terms of their market share compared with their market growth in the market in which they operate
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Other cards in this set
Card 2
Front
Function
Back
Consumers expectations tend to rise with the products price, the consumer expects the product to do its functions
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