Product 2 (Edexcel GCSE Business): Flashcards
📚Flashcards
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Practise the cards
12 cards from this deck
What are extension strategies?
What are extension strategies?
Techniques to prolong product life & renew appeal
Main purpose of extension strategies
Main purpose of extension strategies
Prevent products entering decline phase of life cycle
When to apply extension strategies
When to apply extension strategies
During maturity stage, before decline sets in
4 stages of product life cycle
4 stages of product life cycle
Introduction, Growth, Maturity, Decline
Extension strategy: marketing
Extension strategy: marketing
Launch fresh campaigns to re-energise the brand
Extension strategy: markets
Extension strategy: markets
Enter new geographical markets or target different groups
What is product differentiation?
What is product differentiation?
Making your product stand out from competitors
Benefits of product differentiation
Benefits of product differentiation
Command premium prices & gain competitive advantage
Differentiation method: quality
Differentiation method: quality
Better materials, more reliable processes, enhanced durability
Differentiation method: service
Differentiation method: service
Superior customer service & after-sales care
USP meaning
USP meaning
Unique Selling Point - makes product obvious choice
Maturity stage characteristic
Maturity stage characteristic
Sales peak and begin to level off