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Product - Coggle Diagram
Product
Extension strategies are attempts by marketers to lengthen the life cycle of a particular product, typically used during the maturity or early decline stages of the product's life cycle.
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Aspects of branding
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Brand awareness
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Gives the business a competitive edge over its rivals, resulting in greater market share.
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Raising brand awareness is of particular importance during the launch stage of a product's life cycle.
Can occur quite quickly, especially with an effective marketing strategy,
Brand development
Brand development refers to the ongoing and long-term marketing process of improving and enlarging the brand name in order to boost sales revenue and market share.
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Brand loyalty
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It enables businesses to charge premium prices for its products, which improves their profit margins.
It acts as a barrier to entry in highly competitive market this is because brand loyalty reduces the likelihood of brand switching.
It plays a major role in the future success of a business, helping to prolong the product and brand's life cycles.
Brand switching occurs when consumers turn to alternative brands mainly because the original brand has lost some of its former appeal
Customer loyalty schemes are a form of sales promotion used to entice customers to stick to the brand by rewarding devoted customers.
Brand value
Brand value refers to the premium that customers are willing to pay for a brand name over and above the value of the product itself
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The product life cycle refers to the typical process that products go through from their initial design and launch to their eventual decline and withdrawal from the market.
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Allows managers to identify any necessary changes and to take appropriate action as part of an improved marketing strategy.
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The phase of a product in its life cycle will have a direct impact on the firm's investment, profit and cash flow.
Classification
Their classification is only different based on who buys the product and for what purpose, rather than the physical attributes of the product.
Consumer goods are products purchased by private individuals for personal consumption, such as furniture, computers and fresh flowers.
Producer goods are products purchased for commercial (business) use, rather than for private consumption.
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Product refers to any physical or non-physical item (good or service) that is purchased by commercial or private customers.
Tangible products are physical goods, such as cars, computers and smartphones.
Intangible products are non-physical services, such as haircuts bus rides and visits to the cinema.
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Product portfolio refers to the collection of products owned by an organization at any one point in time.
Logos are a form of branding that uses a visual symbol to represent a business, its brands or its products.
Slogans are catchphrases used to represent the essence of a business or its products in a memorable way.
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Global brands are highly popular products sold with exactly the same (or very similar) marketing strategies in overseas markets, using the same brand name in different countries.
Innovators are consumers who strive to be the first to own a certain product, usually due to prestige or loyalty to a particular brand or product.
Marketing myopia exists when a business becomes complacent about its product strategy, thereby failing to keep up with market changes
A multi-brand strategy involves a business developing two or more brands in the same product category.
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Product differentiation refers to any strategy used to make a product appear to be distinct from others, such as quality, branding and packaging.