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Questions and Answers
What is the product life cycle stage where sales slow down and profits often fall due to competition?
What is the product life cycle stage where sales slow down and profits often fall due to competition?
What is the width of the product mix?
What is the width of the product mix?
What is a product line extension?
What is a product line extension?
What is a product?
What is a product?
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What is the difference between goods and services?
What is the difference between goods and services?
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What is a consumer product?
What is a consumer product?
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What are the three categories of consumer products?
What are the three categories of consumer products?
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What is the verbal component of a product’s identity?
What is the verbal component of a product’s identity?
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What is the visual component of a product’s identity?
What is the visual component of a product’s identity?
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What is the difference between generic and brand name products?
What is the difference between generic and brand name products?
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What are the potential purposes of packaging?
What are the potential purposes of packaging?
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Why would a business add a new product?
Why would a business add a new product?
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What are some risks of adding a new product?
What are some risks of adding a new product?
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What is a business-to-business product?
What is a business-to-business product?
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Why do businesses need to manage their product mix?
Why do businesses need to manage their product mix?
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Define brand and describe why businesses use branding.
Define brand and describe why businesses use branding.
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Study Notes
Product Life Cycle
- The Maturity stage is where sales slow down and profits often fall due to increased competition.
Product Mix
- The width of a product mix refers to the number of product lines offered by a company.
Product Line Extension
- A product line extension is the addition of a new product to an existing product line, sharing a common brand or characteristic.
Products
- A product is anything that satisfies a consumer's needs or wants, including physical goods, services, and ideas.
Goods vs. Services
- Goods are tangible, physical items that can be seen and touched.
- Services are intangible, non-physical offerings, such as healthcare or financial services.
Consumer Products
- A consumer product is a product intended for personal or household use.
- The three categories of consumer products are:
- Convenience products (e.g., food, personal care items)
- Shopping products (e.g., clothing, electronics)
- Specialty products (e.g., luxury cars, fine jewelry)
Product Identity
- The verbal component of a product's identity is its brand name, slogan, and messaging.
- The visual component of a product's identity is its packaging, logos, and overall design.
Generic vs. Brand Name Products
- Generic products are unbranded, unadvertised, and often cheaper than branded products.
- Brand name products are branded, advertised, and often more expensive than generic products.
Packaging
- The potential purposes of packaging include:
- Protection of the product during transportation and storage
- Communication of product information to the consumer
- Differentiation from competitors
- Convenience for the consumer
Adding New Products
- A business may add a new product to:
- Increase revenue and market share
- Attract new customers
- Diversify their product offerings
- Risks of adding a new product include:
- Financial investment
- Competition from existing products
- Uncertain demand and profitability
Business-to-Business Products
- Business-to-business (B2B) products are products sold from one business to another for use in operations or production.
Product Mix Management
- Businesses need to manage their product mix to:
- Ensure a balanced portfolio of products
- Meet customer needs and preferences
- Adapt to changes in the market
Branding
- A brand is a unique identity, image, or reputation that sets a product or business apart from others.
- Businesses use branding to:
- Create customer recognition and loyalty
- Differentiate themselves from competitors
- Increase perceived value and profitability
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Description
Test your knowledge of product planning with this quiz on the product life cycle. Explore the four stages of the product life cycle and their significance in marketing. Sharpen your understanding of product development and its impact on consumer needs.