4Ps- Product

Mind Map by , created almost 6 years ago

Business Studies

Created by louise.robson98 almost 6 years ago
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4Ps- Product
1 A good or a service which satisfys a customer's need or want
1.1 Good- phone, laptop, TV etc.
1.2 Service- Mobile dog grooming, hair dressing etc.
1.3 Need- something needed for survival i.e. food and water
1.4 Want- anything not needed for survival i.e a phone or TV
2 Packaging
2.1 To promote a product
2.2 To protect a product
2.3 To show nutritional information
3 Product life cycle
3.1 An extension strategy is also available- so it doesnt go obselate as quickly and continues to make a profit for longer
4 Product Portfolio
4.1 A collection of products which a business has/sells
4.2 May expand portfolios in order to grow (i.e. diversification)or to compete with other busiensses and take their customers
4.3 Can broaden portfolios by- developing new products based on current products or by diversification (reduces risk)
4.4 Product portfolio analysis- when the business holds a meeting to discuss their products and which ones they should develop, which ones they should let die and any new products to create and release into market
5 Boston Matrix
5.1 Dogs
5.1.1 Products with a low share of a low growth market
5.2 Cash cows
5.2.1 Product doing well with high share of the market but market has grown large. Lots of income for less expenditure as revenue gathered from past promotion so don't need to advertise as much
5.3 Question marks
5.3.1 Products with a small share of a fast growing market. Products are successful, market is attractive, but unkown if products will succeed
5.4 Stars
5.4.1 Big share of a fast growing market. Doing well in an attractive market, need to promote to eventually become a cash cow
5.5 A method of studying products based on market share and market growth. This is a method of prouct portfolio analysis

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