Topic 7 - Product Flashcards Preview

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Flashcards in Topic 7 - Product Deck (16)
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1

What is a product strategy?

- Defines what an organisation does and why
- Involves creating a product offering that is a bundle of physical, service, and symbolic attributes designed to satisfy customers’ needs and wants

2

What are the 4 parts that make up the Anatomy of a product?

- Core product e.g a hotel
-Tangible product e.g hotel room
-augmented product e.g room service
-Potential product

3

What is the product lifecycle made up of?

Pre launch - Introduction - growth - maturity - decline

4

What is meany by product depth?

The number of difference variants of each item within the production line

5

What is meant by product line?

- A group of closely related products that may be production orientated

6

What is the boston matrix made up of?

Star
Question mark
cash cow
dog

7

What is a star?

High share, high growth, market leader who requires cash to retain position

8

What is a question mark?

High growth, low share. This is a new product still establishing its position in the market

9

Whats a cash cow?

-High share low growth.
- Economies of scale is present

10

Whats a dog?

- Low share, low growth
- May drain time and resources

11

What are the risks involved with new products?

- Expensive
- No guarantee of success
- shorter lifecycle due to technological change

12

What does Rodgers model of adoption and diffusion look at?

- The people who buy the product and how they differ

13

Who is an innovator?

- Someone who helps to get the product off the ground and start to gain acceptanc e.g wait outside for the product
- 2.5%

14

Who are the early adopters?

- Opinion leaders
- Critical for making product be accepted

15

Who are the early and later majority?

Early - 34% they are the mass market that builds as more people enter it
Later - 34% often wait for the price to drop and are less interested about the product category

16

Who are the laggards?

16% - Adverse to change so may be resistant to try new products