The Marketing Mix - Product

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  • Created by: Holly1999
  • Created on: 26-11-13 20:14
What is the first stage of the product life cycle?
Development
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The business makes the most profit at which stages of the product life cycle?
Growth and maturity
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What is a market-driven product ?
A product has been designed using market research and with the customer in mind.
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What is a product portfolio?
The range of products a firm sells.
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Why do businesses need a balanced portfolio?
Businesses should have products that have reached their peak. These bring in lots of money with little investment and are responsible for most of the businesses income.
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Why would a business want to broaden their product portfolio?
Businesses would broaden their product portfolio to grow and compete with other companies.
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How could a business extend the life of a product?
They could use extension strategies such as changing the design of the product or offering discounts on the price.
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How could a business expand their product portfolio?
They could: add more products to their existing range by developing products based on their current ones or increase their range of products by designing new products that are different from their current ones.
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Other cards in this set

Card 2

Front

The business makes the most profit at which stages of the product life cycle?

Back

Growth and maturity

Card 3

Front

What is a market-driven product ?

Back

Preview of the front of card 3

Card 4

Front

What is a product portfolio?

Back

Preview of the front of card 4

Card 5

Front

Why do businesses need a balanced portfolio?

Back

Preview of the front of card 5
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