443486
Description
Mind Map by louise.robson98, updated more than 1 year ago
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Created by louise.robson98
over 10 years ago
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4Ps- Product
- A good or a service which
satisfys a customer's need
or want
- Good- phone, laptop, TV etc.
- Service-
Mobile dog
grooming, hair
dressing etc.
- Need- something
needed for survival
i.e. food and water
- Want- anything
not needed for
survival i.e a
phone or TV
- Good- phone, laptop, TV etc.
- Packaging
- To promote a product
- To protect a product
- To show nutritional information
- To promote a product
- Product life cycle
- An extension strategy is also available- so it doesnt
go obselate as quickly and continues to make a profit
for longer
- An extension strategy is also available- so it doesnt
go obselate as quickly and continues to make a profit
for longer
- Product Portfolio
- A collection of products which a business has/sells
- May expand portfolios in order
to grow (i.e. diversification)or to
compete with other busiensses
and take their customers
- Can broaden
portfolios by-
developing new
products based on
current products or
by diversification
(reduces risk)
- 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
- A collection of products which a business has/sells
- Boston Matrix
- Dogs
- Products with a low share of a low growth market
- Products with a low share of a low growth market
- Cash cows
- 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
- 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
- Question marks
- Products with a small share of a fast growing market.
Products are successful, market is attractive, but unkown
if products will succeed
- Products with a small share of a fast growing market.
Products are successful, market is attractive, but unkown
if products will succeed
- Stars
- Big share of a fast growing market.
Doing well in an attractive market,
need to promote to eventually
become a cash cow
- Big share of a fast growing market.
Doing well in an attractive market,
need to promote to eventually
become a cash cow
- A method of studying products based on market share and
market growth. This is a method of prouct portfolio analysis
- Dogs
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