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Business Unit 4.3: Product

Boston matrix
(the Boston Consultancy Group matrix) is a tool for analyzing the product portfolio of a business. It measures whether products have a high or low market share and operate in high or low market growth industries.
Brand development
is a long-term product strategy that involves strengthening the name and image of a brand in order to boost its sale
Brand extension
refers to the use of an existing brand name that is successful to launch a new of modified product
Branding
refers to the use of an exclusive name, symbol, or design to identify a specific product or business. It is used to differentiate itself from similar products offered by rival firms
Cash cow
is a term used by the Boston Consultancy Group to refer to any product that generates significant sales revenue due to its larger market share in a slowly expanding or mature market
Consumer goods
or consumer products, are items bought by the final user for their own personal consumption. Examples include consumer durables (such as furniture, computers, and cars) and perishables (such as flowers and food).
Differentiation
also known as product differentiation, refers to any strategy used to make a product appear to be dissimilar from others. Examples include quality, branding and packaging
Extension strategy
is an attempt by marketers to lengthen the product life cycle of a particular product. Such strategies are typically used during the maturity or early decline stages of the product’s life cycle
Generic brands
are trademarks that have become synonymous with the name of the product itself. Examples include Coke, Rollerblade, Tipp-Ex, and Frisbee
Marketing myopia
refers to the short-sightedness and complacency of marketers in adapting to changes in the marketplace. Theodore Levitt suggested that marketing myopia exists in businesses that are heavily product orientated
New product development (NPD)
is the process of getting the latest products onto the market. The easiest way is by making small improvements to existing products. Alternatively, a business could develop and launch entirely new products
Product
is a broad term that refers to any physical or non-physical item that is purchased by either commercial or private customers
Product line
is the term used to describe the varieties of a particular product that serves the same purpose in a particular market. For instance, there are many varieties of the BMW Mini, ranging from the basic model to the top of the range Mini Cooper S
Product Mix
also known as the product assortment, describes the variety of the different product lines that a business produces
Product life cycle (PLC)
is the typical process that products go through from their initial design and launch to their decline, and often their death (i.e. withdrawal from the market). Different products undergo each of the six stages (research, launch, growth, maturity, saturation and decline) at varying speeds
Product portfolio
refers to the range of products or strategic business units owned and developed by an organization
Product range
refers to all product lines of a firm’s product mix, i.e. all the products sold by the business
Rising stars
(or stars) are products in the Boston matrix that have high or rising market share in a high growth market
Strategic business unit (SBU)
are businesses or divisions owned by a firm that operates as independent profit centres. Each SBU is in certain product or product portfolio

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