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Flip to reveal answersWhat is the 'product' in the marketing mix?
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All 20 Flashcards — Product
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Question
What is the 'product' in the marketing mix?
Answer
The good or service a business offers to customers — without a wanted product, nothing else matters.
💡 Hint
Good or service offered
Question
Name the four stages of the product life cycle
Answer
Introduction (launch, low sales), Growth (rapid increase), Maturity (peak, stabilise), Decline (sales fall).
💡 Hint
I-G-M-D
Question
Why should a product portfolio be balanced?
Answer
Products at different life cycle stages reduce risk — if one declines, others carry the business.
💡 Hint
Different stages = less risk
Question
Key product concepts: USP, design, ___
Answer
Tangible vs intangible, product portfolio.
💡 Hint
Tangibility + portfolio
Question
What is a USP?
Answer
Unique Selling Point — what makes the product different from competitors.
💡 Hint
What makes it different
Question
Life cycle: Introduction → Growth → ___ → ___
Answer
Maturity → Decline.
💡 Hint
M → D
Question
What happens in the Introduction stage?
Answer
Product launches, sales are low, heavy promotion needed, costs are high.
💡 Hint
Launch + low sales + heavy promo
Question
What is a product positioning map (perceptual map)?
Answer
A diagram showing where products sit vs competitors — usually with price and quality axes.
💡 Hint
Price/quality diagram vs rivals
Question
Extension strategies keep products alive by ___
Answer
Updating, finding new markets, rebranding, cutting prices or new advertising.
💡 Hint
Reviving interest
Question
What happens in the Maturity stage?
Answer
Sales peak and level off, competition is intense, profits stabilise.
💡 Hint
Peak sales + intense competition
Question
What can a positioning map help identify?
Answer
Gaps in the market — areas where no competitor currently operates.
💡 Hint
Market gaps
Question
What is a product portfolio?
Answer
The full range of products a business sells — a balanced portfolio reduces risk.
💡 Hint
Full range of products
Question
Name four key product concepts
Answer
USP, product design, tangible vs intangible products, product portfolio.
💡 Hint
USP + design + tangibility + portfolio
Question
What are extension strategies?
Answer
Actions to extend the life of a product to avoid decline — e.g. new features, new markets, rebranding, price cuts.
💡 Hint
Keep product alive longer
Question
Position maps show ___ using two axes
Answer
Where products sit versus competitors — usually price and quality.
💡 Hint
Price/quality vs rivals
Question
When constructing a position map, always ___
Answer
Label BOTH axes clearly and plot ALL products/competitors mentioned in the data.
💡 Hint
Label axes + plot all
Question
Quick: What is a USP?
Answer
Unique Selling Point — what makes the product different from competitors.
💡 Hint
Unique + different
Question
A product portfolio links to which analysis tool?
Answer
BCG Matrix (Unit 6) — stars, cash cows, question marks and dogs.
💡 Hint
BCG Matrix
Question
Name three extension strategies
Answer
Update/improve product, find new markets, change packaging/branding, reduce price, new ad campaigns.
💡 Hint
Improve, new markets, rebrand
Question
Product design includes what factors?
Answer
Features, aesthetics, function and quality — all affect customer choice.
💡 Hint
Features, looks, function, quality
Read the notes
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Topic 4.5 hub
The seven Ps of the marketing mix
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