Types of Products and Services

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Questions and Answers

What are the two main functions of packaging?

Protect and promote the product

Define brand loyalty and explain its importance in marketing.

Brand loyalty is when consumers keep buying the same brand instead of choosing a competitor’s brand. It is important in marketing as it ensures repeat purchases and customer retention.

What does the Product Life Cycle (PLC) describe?

The stages a product passes through from introduction, growth, maturity, to decline.

How do marketing decisions differ in the Introduction and Growth stages of the Product Life Cycle?

In the Introduction stage, marketing focuses on informing customers about the new product, while in the Growth stage, marketing aims to establish a strong brand identity and customer loyalty. Signup and view all the answers

Explain the role of brand image in product differentiation.

Brand image gives a product a unique identity and personality, distinguishing it from competitors. It helps consumers perceive the product in a certain way. Signup and view all the answers

What are the key components of good branding?

Brand name, higher quality than unbranded products, unique packaging, brand loyalty, assured quality, and a brand image associated with consuming the product. Signup and view all the answers

What are consumer goods?

Goods bought by consumers for their own use, can be perishable or long-lasting. Signup and view all the answers

Define producer goods.

Goods that are produced for other businesses' use to help with the production process. Signup and view all the answers

Explain the concept of unique selling point (USP).

A special feature about a product that differentiates it from its competitors' product. Signup and view all the answers

What are producer services?

Services that are produced to help other businesses. Signup and view all the answers

List three points to consider when choosing a product to develop.

<ol> <li>Satisfying existing needs and wants of consumers. 2. Not be expensive to produce. 3. New and original idea.</li> </ol> Signup and view all the answers

Outline the steps involved in the development of new products.

Generate ideas, select the best idea for further development, develop a prototype, launch the product in a test area, go to a full market launch. Signup and view all the answers