BUSS2 Marketing: using the marketing mix - product.

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BUSS2 Marketing: using the marketing mix - product

The marketing mix - product Candidates should be able to: Describe the influences on the development of new goods and services (technology, competitors’ actions, entrepreneurial skills of managers and owners) Define USP and give examples Use product portfolio analysis (the Boston Matrix) for assessment Analyse the product life cycle

Definition: product line and product development What is a product line? A set of related g______ and s________ E.g. What is product development? Changing aspects of g______ to meet the changing needs of e_________ c__________ or to target a different m________ E.g.

Why is product development important?

What is a USP? A unique selling point (USP) is: Can also be called p_______ d_____________ It may be a r____ or a p__________ difference Can you give examples?

What may be the problem with being unique?

Influences on developing new goods and services What influences whether firms develop new products?

Product Portfolio Analysis – The Boston Matrix What is product portfolio analysis? Assessing the existing p_______ to help develop a b_________ range of goods and services What is the Boston Matrix? A way of analysing a firm’s products based on m______ s______ and m_______ g

The Product Life Cycle The product life cycle is the path of a product from its introduction onto the market, to its eventual disappearance