Wednesday 2 October 2013

37 Using the marketing Mix - Focus on the PRODUCT

Learning Outcome
  1. By the end of this session you should know what is meant by: PRODUCT PORTFOLIO / PRODUCT MIX (Paper 2)
  2. The PRODUCT LIFE CYCLE (Paper 2)
Exam board expectation
  • Candidates should understand how and why businesses might broaden and balance their product portfolio s they grow.
  • They should understand that the demand for a product or service might change over time.
  • They should be aware of the different stages on the product life cycle
  • Candidates should be aware of the methods that a company might adopt to extend the life of a product in its decline stage and the impact that these strategies might have on the other aspects of the business
Recap on paper one topics
Testing your own knowledge. So you think your a 'marketing mix expert' Paper 1 expert why not test yourself here to see worksheet
(Paper 1 Response) (15 marks)
  1. What is 'market research'? (2 marks)
  2. Explain the difference between primary and secondary research? (4 marks)
  3. Explain why using focus groups can be useful ?(3 marks)
  4. Explain one advantage of using internet research? (2 marks)
  5. Explain two reasons why questionnaires can give poor results? (4 marks)
Extension tasks - preparing for Paper 2
Product Portfolio - click here
Product Life Cycle - click here
Part 2 (Paper 2 response) (20 marks)
  1. What is meant by 'product portfolio'? (2 marks)
  2. What is a cash cow? Why are cash cows useful? (4 marks)
  3. What is a 'dog product'? What should a business do with a dog product? (4 marks)
  4. What are the stages of the product life cycle? Can you think of a product at each stage of the life cycle? (5 marks)
  5. What is an 'extension strategy'? How might you extend the sales of a particular brand of cereal? (5 marks)

Extension tasks - preparing for Paper 2
Product Portfolio - click here
Product Life Cycle - click here

Homework 10/10 key terms set 2nd October 2013
  1. Product Portfolio - the range of products sold by a business e.g. Apple sell ipads, iphones, ipods and have itunes
  2. Diversification - expanding into product areas where the business did not previously have a presence
  3. Product life cycle - The various stages of sales through which a product passes from its launch onto the market
  4. Extension strategies - Steps taken to increase the life cycle of the product.  Playstation launched their PS1, PS2, PS3 and PS4 to keep interest 
  5. Cash Cow - products that are doing very well and have a high share in a low growth market - Cadbury's chocolate bars have been long standing with their glass and a half of fresh cream milK for a reason!
  6. Dog products - Products that have a low share of a low growth market - Can you think of any that need killing off?
  7. Marketing mix - The balance of activites relating to product place price and promotion
  8. Product - The good or service offered for sale by the business
  9. Product range - The different lines that a business sells eg. BMW's 7 series, 5 series 1 series
  10. Mature market - The point at which most people who are likely to buy a product have bought it e.g rubix cube
To be tested 8th October 2013

Good luck and Enjoy
Mr T

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