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Product - Coggle Diagram
Product
Benefits of Branding
customer loyalty
brand name becomes product
commands higher prices
creates dominant market position
helps differentiate product from rivals
Benefits of Brand Names (consumer)
helps judge a product
makes easier to choose
gives confidence & peace of mind
Reasons for Own-Brand Products
easily recognisable
lower prices as competitive edge
higher profit per product
Benefits of Own-Brand (consumer)
increased choice
cheaper prices
Factors to Consider When Designing Product
production feasibility
meets needs of target market
cost of production
meets legal requirements
Functions of Packaging
provides information
acts as source of competitive advantage
offers protection
Extending Product Life Cycle
price - adjust pricing strategy/lower quality product (low incomes)
place - new points of sale/adjust channels of distribution
product - new features/different options/new flavours
promotion - new advertising campaign/sponsor big event
Product Life Cycle Stages
Maturity - product very well-known, sales/profits reach peak, positive cash-flow :)
Saturation - more competition, profits steady, sales level off, negative cash-flow :I
Growth - awareness increases, sales/profits grow, positive cash-flow :)
Decline - product phased out, sales/profits fall, negative cash-flow
Intro - product not well known, sales/profits are low, negative cash-flow :(