ANTHROP 1AA3 Quiz: 4.3 Product
6 Dec 2015
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Product line: variety of the same product for customers. Product mix: different products that a business makes. Product range: all product lines of a firm"s product mix. Fast moving consumer, consumer perishables, consumer durables, specialty consumer products. Producer products: purchased by a business rather than individuals. Business will change product portfolio from time to time so look at. Value analysis triangle and tom peter"s sources of added value. Stages of new product: market research, product development and testing, feasibility study, launch. Following ways extend the life of a product: price reduction, redesigning, repackaging, new markets, revised promotional activity. Price advantage: price cannot be raised because of substitutes. Analysis helps decide which products should receive more investments. Form of differentiation from other firms, which allows a firm to enhance their image, reduce risks, and have a competitive advantage. Bona fide names: refer to real world names that are used. Personal names: named after a famous person.
