Chapter 42: Product

19leesia
Flashcards by 19leesia, updated more than 1 year ago
19leesia
Created by 19leesia over 5 years ago
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GCSE Business Studies Flashcards on Chapter 42: Product, created by 19leesia on 02/23/2016.

Resource summary

Question Answer
stages of product design producing a design specification suggesting alternative solutions selecting a particular solution testing product modifying product launching product
what might businesses use to speed up designs and improve qualities? special CAD(computer aided design)
Branding is used to differentiate product create customer loyalty help recognition develop image raise prices when brand becomes famous
factors influencing packaging protection environment cost-effective information(labels/ingredients) design convenience(easy to open)
Stages of product life cycle Development Introduction Growth Maturity and Saturation Decline
Examples of Extension Strategies finding the new markets for the product finding new uses for product change appearance encourage frequent use of product
boston matrix a 2x2 matrix describing products according to the market share they enjoy and whether the market has any potential for growth helps analyze products
stars valuable products: ↑market share ↑ potential for growth
cash cows mature products: ↑market share steady flow of income unlikely to grow
problem child low market share growing market
dogs end of cycle low market share not growing replaced
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