Questions on marketing mix product

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1. What is meant by a product portfolio?
When a business has more than one product then it is known to have a product portfolio a.k.a. a product mix
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2. State 3 benefits of increasing your product portfolio...
1. If the sale of the original product declines you have the new product 2. You can stay competitive by selling the products your competitors are selling 3. To complement the original product e.g. shoe polish in a shoe shop
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3. State 3 downsides of increasing your product portfolio...
1. Cost to change the machinery to make a different product 2. Cost to do market research for different products 3. You may have to market the products in a different way which will cost
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4. What is meant by an extension strategy?
A strategy used to stop your product going into the decline phase
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5. State 3 extension strategies...
1. Change the packaging so that it appeals to a new market (Lynx changed packaging to appeal to women) 2. New advertising campaign 3. New features
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6. State 2 extension strategies and how it can affect other departments in the business...
1. New features- The product development department will need funds 2. Advertising campaign- Marketing department needs funds
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Card 2

Front

2. State 3 benefits of increasing your product portfolio...

Back

1. If the sale of the original product declines you have the new product 2. You can stay competitive by selling the products your competitors are selling 3. To complement the original product e.g. shoe polish in a shoe shop

Card 3

Front

3. State 3 downsides of increasing your product portfolio...

Back

Preview of the front of card 3

Card 4

Front

4. What is meant by an extension strategy?

Back

Preview of the front of card 4

Card 5

Front

5. State 3 extension strategies...

Back

Preview of the front of card 5
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