| What are the 5 stages of the product life cycle? | Development, Introductions, Growth, Maturity and Decline |
| What are 5 extension strategies? | -Advertising
-Price Changes
-Adding Value
-Exploration of new markets (expanding customer base)
-New packaging |
| At what stage of the product lifecycle are extension strategies considered? | Maturity |
| What is product differentiation and how can it be achieved? | How a product stands out from its competitors, it can be achieved through identifying a products USP (unique selling point). |
| 6 ways to achieve product differentiation | -strong brand image
-correct balance of product function, cost and appearance
-offering an improved location
-offering additional features or functions
-improving design and appearance of the product
-getting the selling price of your product right |
| What are External Factors on Product Development? | Something the business cannot control that will affect their product. |
| Technological external factors | Anything outside of the business relating to technological updates or changes in trends based on technology. (For example , the rise in popularity of internet shopping). |
| Economic external factors | Anything outside of the business relating to the economy and money. (For example, rates of unemployment). |
| Legal external issues (factors) | Anything to do with changes in law or legal requirements for the production and sale of a product within a certain country. (For example, sugar tax). |
| What is the business cycle and what are the four stages of it? | It is an economic external factor and is used to describe the state of a country’s economy. Decline, Recession, Growth and Boom. |
