GCSE BUSINESS EDEXCEL-Product

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what are the elements of the design mix?

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26 Terms

1

what are the elements of the design mix?

function, aesthetics, cost

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2

what does the function do?

the product/service needs to be fit for purpose, needs to perform well, needs to be practical, usable, safe, reliable and functionable

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3

what are aesthetics?

the appreciation of beauty in a product (how it looks, taste and feels)

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4

what is cost?

how the price can be used effectively

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5

why does lower costs of production mean a business gains an competitive advantage?

it allows the business to produce more products at a lower price, therefore, more sales will be made

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6

what is a product lifecycle?

the birth to death process of a product as it grows and falls

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7

what are the elements of the product lifecycle?

research & development, introduction, growth, maturity, decline

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8

what is research & development?

when the product is designed and market research is used to analyse the product to meet customer needs-very expensive phase, the product is not making any revenue/profit (investment)

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9

what is introduction?

when a product is launched to the market-sales may be low as customers won’t know the product, advertising will be used

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10

what is growth?

when the product is making big sales and is popular-advertising will still be used

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11

what is maturity?

when the market is starting to become saturated-many other business will have now come out with own versions of the product, sales are high but profit will start to fall, products will be discounted

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12

what is decline?

when a product is no longer making any sales and will be taken off the market-items will be heavily discounted before the product becomes obsolete

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13

how can a product’s lifecycle be extended?

updating packaging, adding more/different features, changing the target market, advertising

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14

what can a business do by changing the packaging?

the products maturing or declining will get a fresh new image and will be re-released-encourages customers to continue to buy the product (aesthetics)

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15

what can a business do by adding more or different features?

a new style of a product (modification) will remind past customers to change the product to a new version (phones, cars)

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16

what can a business do by changing the target market?

the business will choose to segment their products to a different age group or interest group-marketing, advertising, social media

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17

what can a business do by advertising?

a new creative advertising campaign can regain customer interest and make an impact on product sales

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18

what is a benefit to a business of withdrawing a product from the market when it reaches the decline phase?

it allows the business to save money for future products, reduces costs

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19

what is differentiation?

when a business makes their product/service different from competitors

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20

how can a business differentiate their product?

branding, unique selling point, location, design, customer service

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21

how can a brand differentiate by branding?

customers will buy a product because it is their favourite brand, helps build the brand

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22

how can a brand differentiate by their unique selling point?

makes the business stand out from other competitors

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23

how can a brand differentiate by location?

by having a service in the right area (petrol station on a busy road, pub on a housing estate etc)

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24

how can a brand differentiate by design?

used to brand and promote the products, helps customers identify the brand through packaging

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25

how can a brand differentiate by customer service?

helps customers see that a brand is capable of treating them well (airlines, hotels etc)

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26

what are the benefits of producing a high quality product/service?

improves brand image, allows a business to charge a premium price, fewer customer complaints

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