Business Management 4.5 ( Product)

Product Life Cycle

Development → Introduction → Growth → Maturity → Saturation → Decline → Extension Strategy

Product Portfolio

The range of products or brand provided by the business

Product Design

Deciding a production method where the product works well, looks good and can be produced easily with as low cost

Extension Strategies

An attempt by the business to lengthen a product’s life cycle in order to delay its decline

Brand

It refers to the name, logo, design that is identifiable with the product of a particular business

Aspects of Branding

1. Brand Awareness

2. Brand Development

3. Brand Loyalty

4. Brand Value

Importance of Branding

1. Trust and Credibility

2. Emotional Connection

3. Differentiation

How to build a strong Brand

1. Understand your audience

2. Consistency

3. Engage with audience

4. Define USP

5. Adapt and Evolve

Brand Awareness

It measure the extend to which people recognise a particular brand

Brand Development

It refers to the ongoing and long term marketing process of improving and enlarging the brand name in order to increase to sales and the market share.

Brand Loyalty

It refers when customers by the same brand of the product repeatedly over time.

Brand Switching

It occurs when customers switch to an alternative brand mainly because the original brand has lost it former appeal.

Brand Value

It refers to the premium that the customers are willing to pay for the brand name over and above the value of the product itself.

Consumers Product

It refers to those purchased by private individuals for their personal use

Producer Products

It refers to those purchased for commercial use rather than personal usage.

Product

A product is a good or service that is used to satisfy the needs and wants of customers