Product (AQA GCSE Business): Flashcards
📚Flashcards
Practise the cards
15 cards from this deck
ShowHide
Practise the cards
15 cards from this deck
Product in marketing mix focuses on
Product in marketing mix focuses on
Developing goods/services for customer needs & profit
No. of stages in product development process
No. of stages in product development process
Eight key stages
Cost pattern during product development process
Cost pattern during product development process
Costs increase, viable ideas decrease (funnel effect)
Risk of product development (R&D)
Risk of product development (R&D)
Substantial research & development costs
Benefit of launching innovative products first
Benefit of launching innovative products first
Ability to charge premium prices
Functional design feature ensures
Functional design feature ensures
Product performs its intended purpose effectively
Reliability design feature focuses on
Reliability design feature focuses on
Consistent performance over time
Product differentiation involves
Product differentiation involves
Creating unique features/characteristics vs rivals
USP (Unique Selling Point) benefit
USP (Unique Selling Point) benefit
Enables premium prices & customer loyalty
Brand definition (key elements)
Brand definition (key elements)
Name, term, design, symbol distinguishing from competitors
Strong brand advantage (customer behaviour)
Strong brand advantage (customer behaviour)
Reduced price sensitivity among customers
No. of product life cycle stages
No. of product life cycle stages
Five stages
Growth phase characteristic
Growth phase characteristic
Rapid sales increase & market acceptance
Extension strategy: advertising
Extension strategy: advertising
Reach new audiences or remind existing customers
Limitation of extension strategies
Limitation of extension strategies
Cannot prevent eventual technological obsolescence