A business can adjust the features, appearance and packaging of a product to create competitive advantage.
Which of the following describes physical products that can be touched?
Why does a business create a unique selling point for a product?
To design the look of packaging
To set the product's price
To gain a competitive advantage
What price does a branded product have?
It always has a high price
It always has a low price
It can have a high or low price
Which of the following will always increase when you add more features to a product?
The selling price of the product
The costs of making the product
Sales of the product
What is the main business use of an extension strategy?
To launch a product
To brand a product
To increase sales of a product
What is the product portfolio of a business?
Its marketing strategy
Its range of products
A Boston matrix
What is used to show the level of sales of a product over time?
A product life cycle
What does a business use to analyse its product portfolio?
Product life cycle
What happens to a product when it reaches the maturity stage of the product life cycle?
Sales revenue grows over time
Sales revenue is constant over time
Sales revenue declines over time
A cash cow is a product with a high market share in what type of market?
High growth market
Low growth market
A financial market