16 terms

IB Business 4.5 Product

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Boston matrix (Boston consulting group matrix)
It is a marketing tool for analysing the product portfolio of a business. It shows whether products have high or low market share and operate in high or low market growth industries.
Brand awareness
It measures the extent to which potential customers or the general public recognise a particular brand. It is usually expressed as a percentage of the sale surveyed.
Brand development
it is a long-term product strategy that involves strengthening the name and image of a bran to boost its appeal and sales.
Brand loyalty
It occurs when customers buy the same brand of a product time and time again. They are devoted to the brand since that have brand preference over other brand names.
Brand value
It refers to the premium that customers are willing to pay for a brand over and above the value of the product itself, i.e. customers are willing to pay more for a reputable brand.
Branding
It refers to the use of an exclusive and, symbol or design to identify a specific product or organisation. It differentiates a product from similar ones offered by rival firms.
Cash cow
It is a term used by the Boston Consulting Group to refer to any product that generates significant money due to its large market share in a mature market.
Consumer good
They are product bought for personal consumption, such as consumer durables (e.g. furniture, computers and cars) and perishables (e.g. food and flowers).
Dogs
They are products in the BCG matrix that have low marketing share and operate in low growth or stagnant market. Hence, gods do not generate much cash or product for a business.
Extension strategy
It is an attempt by marketers to lengthen the life cycle of a particular product, typically used during the maturity or early decline stages of the products's life cycle.
Product
It refers to any physical or non-physical item (good or service) that is purchased by commercial or private customer
Product differentiation
It refers to any strategy used to make a product appear to be distinct from others, such as quality, branding, and packaging.
Product life cycle (PLC)
It is the typical process that products go through from their initial design and launch to their decline and eventual withdrawal. Different products undergo each of the five stages (research and development, introduction, growth, maturity, and decline) at varying speeds.
Product portfolio
It refers to the range of products or strategic business units owned and developed by an organisation at any one point in time.
Question mark (problem children)
They are products in a Boston matrix that compete in high market growth industries, but have low market share. They consume lots of cash but do not generate much profit, if any.
Rising stars (stars)
They are products in Boston matrix that have high or rising market share in a high growth market