Product: Business: Pearson (Edexcel): GCSE (9:1)
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16 Terms
Product
The nature of goods and services, their design, quality and how it compares to the competition
Design mix
How a business combines aesthetics (how a product looks and feels) with economic manufacture (how much it costs) and function (how it works and performs)
Economic manufacture
How much a product costs, how efficiently resources are used
Function
How a product works and is used by the consumer
Aesthetics
How a product looks, feels and appeals to the senses
Product differentiation
The physical and/or psychological differences between similar products, how distinctive they are to the customer
Product life cycle
The concept that all products go through similar marked stages
Product Development
The original ideas and designs of a product
Product birth
The launch of a product into the market
Product growth
A period of increasing sales
Product maturity
A period of stable sales
Product decline
A period of falling sales
Extension strategies
Methods to prolong the life of a product
Market driven
When a product is designed in response to market analysis
Product driven
When a market is sought for an innovative or original product
Obsolete
When a product is no longer useful, out of date or technologically
Note 
Flashcards (21)