Marketing decisions (Edexcel GCSE Business): Flashcards
📚Flashcards
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13 cards from this deck
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Practise the cards
13 cards from this deck
Design mix definition
Design mix definition
3 elements working together to create successful product design
3 components of design mix
3 components of design mix
Function, cost, and appearance
Function (design mix)
Function (design mix)
How effectively a product performs its intended purpose
Cost (design mix)
Cost (design mix)
Production costs that influence final selling price
Appearance (design mix)
Appearance (design mix)
Visual design and aesthetic appeal of products
Design mix elements relationship
Design mix elements relationship
Interconnected - changes to one element affect the others
Product life cycle definition
Product life cycle definition
How sales change from launch to market withdrawal over time
Introduction stage features
Introduction stage features
Low sales, significant promotional investment needed
Growth stage features
Growth stage features
Sales increase rapidly, first profits may be achieved
Maturity stage features
Maturity stage features
Market saturated, sales growth slows, competition intensifies
Decline stage features
Decline stage features
Sales fall as product becomes outdated or replaced
Introduction stage strategy
Introduction stage strategy
Build customer awareness and encourage trial purchases
Maturity stage strategy
Maturity stage strategy
Encourage customer loyalty and repeat purchases