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Published byHenry Weaver Modified over 9 years ago
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Product Portfolio/ Product Mix/ Product Range ie the variety of products offered for sale
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Why have a range of products? Target different markets Meet customers’ differing needs Spread the risk To help maximise sales and profits Those companies that have a large range of products are referred to as having an extensive product portfolio The benefits of having a wide product portfolio
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Think of well known organisations that produce a range of products Virgin Easy Disney Nike Rowntree MacIntosh Cadbury Schwepps
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The range of products that a business may have can span from being: very new to the market to those which are well established
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Extensive Product Portfolio???? the business may have one or more Product Lines = one product is used as the basis for a lot of “spin off” products Disney Coca Cola
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Product Lines are important Target the same customer many times, so increase sales and profits Build up trust and a relationship which encourages customer loyalty Help with launching new “products” (they are associated with the brand and its reputation)
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The Product Life Cycle £ Units TimeD L G D S M O
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(Product) Development stage before the launch of the product lots of testing, trial and error, market research … idea analysis prototype test market alter launch May be completed by the R&D department in large businesses
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Introduction/Launch Few Customers Sales low Costs high Earning a loss for the business No customer loyalty
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Growth Sales increasing Product becoming more well-known Often little competition at this stage
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Maturity Sales are reaching the maximum Established market Many repeat customers Competitors evident now
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Saturation Sales peaked Top of the market Many competitors
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Decline Sales dropping Changes in taste
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Obsolescence Product withdrawn from the market
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Careful marketing can mean That a business has a range of products at different stages of the life cycle to ensure that they can always maximise sales and profits without waiting for a new product to be developed
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Make sure you can: 1 Define and Give Egs of: Product Portfolio/Range/Mix Product Line 2 Describe the benefits of having a Wide Product Portfolio and established Product Lines 3 Draw, describe, give examples and label the Product Life Cycle 4Explain the stages in Product Development
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