| what is a brand? | a logo symbol or name that makes a product instantly recognisable |
| give advantages of branding | customers 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 branding | high 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 cycle | introduction |
| describe the introduction stage of the product life cycle | the 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 cycle | the 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 cycle | sales 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 cycle | the product popularity has fallen sales and profits are falling there is strong competition on the market |
