Product - Marketing Mix (BBC Bitesize Revision GCSE)
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?- Created by: happy child.
- Created on: 20-05-11 11:40
Business Studies
Product
A business can adjust the features, appearance and packaging of a product to create competitive advantage.
What is a product?
Brands use packaging and logos to create a brand image
A product is a good or a service that is sold to customers or other businesses. Customers buy a product to meet a need. This means the firm must concentrate on making products that best meet customer requirements.
A business needs to choose the function, appearance and cost most likely to make a product appeal to the target market and stand out from the competition. This is called product differentiation.
How product differentiation is created:
- Establishing a strong brand image (personality) for a good or service.
- Making clear the unique selling point (USP) of a good or service, for example, by using the tag line quality items for less than a pound for a chain of discount shops.
- Offering a better location, features, functions, design, appearance or selling price than rival products.
Having a brand image helps products to stand out in a competitive market
Firms face a dilemma if they choose to launch a premium brand…
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