WJEC GCSE Business Marketing Product MSE

What is the definition of a product?

• The unique design, sign, symbol, or words used in creating a unique image that identifies a product and differentiates it from its competitors.

• The collection and range of all the goods and services offered by a business.

• The good or service provided by a business.

• The process of making a product different or appearing to be different from similar products sold by rivals.

What is a product portfolio?

• The unique design, sign, symbol, or words used in creating a unique image that identifies a product and differentiates it from its competitors.

• The collection and range of all the goods and services offered by a business.

• The good or service provided by a business.

• The process of making a product different or appearing to be different from similar products sold by rivals.

Why do businesses brand their product?

• To ensure the product is of a high quality before sale in retailers/on shelves/in wholesalers.

• To differentiate products from rivals and prevent customers from buying the same brand due to copyright restrictions.

• To reduce the risk of damage and ensure the product is of a high quality.

• To gain a competitive advantage and justify why a premium price may be charged.

What is the purpose of packaging?

• To reduce risk of damage, ensure high quality, and keep the product fresh/clean.

• To attract more customers and increase market share.

• To justify why a premium price may be charged for a product.

• To gain a competitive advantage by offering the lowest price.

What does USP stand for?

• Unique Selling Price

• Unique Service Proposition

• Unique Selling Point

• Ultimate Selling Proposition

What is the definition of the Product Life Cycle?

• The process by which a product is marketed and sold.

• The stages a product passes from its earliest development until it is no longer available on the market.

• The timeline of a product's popularity among consumers.

• The marketing strategies used to promote a product.

During which stage of the Product Life Cycle is a business likely to be making no profit because sales revenue unlikely to exceed costs?

• Product Launch/Introduction

• Product Growth

• Product Maturity

• Product Saturation

What is a reason for a fall in the Product Life Cycle?

• Increase in the quality of goods sold.

• Technological change leading to new product needs.

• Products do not last long enough.

• A rise in consumer purchasing power.

What does 'Extension Strategy' mean in the context of the Product Life Cycle?

• Strategies to reduce the cost of goods sold.

• Methods to decrease the overall production time of a product.

• A number of methods businesses might use to prolong the life cycle of their products.

• Techniques to quickly move from one stage of the product life cycle to the next.

At which stage of the Product Life Cycle is competition likely to be the strongest?

• Product Launch/Introduction

• Product Growth

• Product Maturity

• Product Saturation