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level: Product

Questions and Answers List

level questions: Product

QuestionAnswer
what is a brand?a logo symbol or name that makes a product instantly recognisable
give advantages of brandingcustomers are often loyal to the brand customers believe product will be high quality business can charge higher prices brands are instantly recognisable brands reduce the need for advertising
give two disadvantages of brandinghigh advertising is expensive one poor product under the brand name could put you off other products
what is an own brand?product sold under the name of a supermarket or other retailer not of the manufacturing firm.
what is the acronym for the stages of product development?GAPTAP
what does the G in GAPTAP stand for?Generate the idea
what does 'generating an idea' in terms of product development mean?coming up with ideas following market research
What does the A in GAPTAP stand for?Analyse the idea
what is meant by 'analysing the idea' in terms of product development?considering the different options and picking the best one
what does the P in GAPTAP stand for?produce a prototype
what is meant by 'producing a prototype' in terms of product development?making a model/early version of your product
what does the T in GAPTAP stand for?Test the product
what does 'testing the product' mean in terms of product development?carry out safety tests and carry out test marketing with customers for feedback
what does the second 'A' in GAPTAP stand for?Alter the product
what is meant by 'altering the product' in terms of product development?make necessary changes following testing
What does the second 'P' n GAPTAP stand for?Produce the product
what is meant by 'producing the product' in terms of product development?starting the production of the product
what are the advantages of a product's packaging?Can protect the product during transport/ delivery Can increase the shelf life of products (food especially) can make product attractive and encourage customers to buy Can provide nutritional information and health guidance Can inform the customer how to successfully use/install the product
What are some disadvantages of a product's packaging?Distinctive packaging could be copied by own brands Pressure to use environmentally friendly packaging may lead to higher costs If distinctive packaging is littered it could create a negative reputation Government legislation may force you to put certain information on packaging which highlights how unhealthy the product is
What is this diagram showing?the product life cycle
what is the first stage of the product life cycleintroduction
describe the introduction stage of the product life cyclethe product is launched onto the market advertising is heavysales are low with little to no profit
what is the second stage of the product life cycle?growth
describe the growth stage of the product life cyclethe product is becoming more well-known and popular advertising continues but at a lower rate than before sales are rapidly increasing. Profit is beginning to be made
what is the third stage of the product life cycle?maturity
describe the third stage of the product life cyclesales and profits have reached their peak the product is well established on the market advertising is used only as a reminder new models/variations may be introduced to encourage long term sales
what is the final stage of the product life cycle?decline
describe the final stage of the product life cyclethe product popularity has fallen sales and profits are falling there is strong competition on the market