Product Pt1

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10 Terms

1
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What is the definition of product?

Is the good or service provided by a business.

2
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What is the definition of product portfolio?

The collection/ range of all the goods and services offered by a business.

3
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What is the definition of product differentiation?

This involves distinguishing a product or service from others. By making a product different or appearing to be different from similar products sold by rivals, a business will hope to attract more customers.

4
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What is the definition of Branding?

Unique design, sign, symbol, and/or words used in creating a unique image that identifies a product and differentiates it from its competitors.

5
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What does branded products tend to be? (3)

  1. They are trusted by consumers

  2. Products usually have a high price / premium price

  3. Products are unique / differentiated / stand out / recognised

6
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Name 2 reasons why businesses brand their product?

  1. It differentiates products from rivals ➔ unique ➔ rivals cannot use same brand ➔ copyright ➔ associated with business ➔ customers can recognise ➔ ask for brand

  2. Brand/customer loyalty ➔ known image ➔ so continued sales ➔ customers likely to buy products with same brand

7
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What does USP stand for?

Unique Selling Point

8
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What is the definition of USP?

What makes a product different from ones sold by competitors. It may involve the lowest price, the best quality, or the first of its kind.W

9
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Why do businesses sell high quality products? (3)

  1. High levels of customer satisfaction / customers will be happy with the products ➔ repeat purchasing

  2. Differentiates the goods from rivals ➔ more competitive

  3. Increase sales / market share ➔ attract customers with better products / retain existing customers

10
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Why do businesses sell a wide range of products? (3)

  1. Spreading risk ➔ selling more goods will compensate for the products that underperform and reduces risk of failure

  2. Attract more custom ➔ target more customers with variety of products ➔ meet needs and wants of different types of customers ➔ increased market share

  3. Competitor advantage/keep up with competitors