Business Studies - Product One of the 4Ps of marketing is Product, all the things you may need to know about making or having a product is explained (such as product differentiation, usp, branding, product depth and breadth, product portfolio). The product life cycle is not explained in this slide show, however there is a separate slide show for that.

1. Product
Business Studies
(A Level)

2. The mix of products that the
business produces and sells.
(Definition)

3. Spread fixed costs
Allow for greater economies of scale
Allow targeting of wider markets
Reduces risk
Smoothens out overall sales
Create opportunities for growth

4. The varieties within each branded
product.
(Definitions)
Number of product lines in product
portfolio

5. Having product breadth and product depth
increases the chances of repeat purchases and
allows to target different market niches.

6. (Definition)
A distinctive identity for a product
with which users recognise, this
allows them to differentiate from
competitors.

7. Marketing is often brand driven.
Advantages Disadvantages
• Create increased customer
loyalty
• High cost of advertising
• Increase price inelasticity of
demand
• Loss of brand value for one
product can affect a whole range
of similarly branded products
• Separate products from herd • Brands invite competition
• Increase business value • High cost of research and
development

8. (Definition)
Features that allow a
product to be
differentiated from rivals /
competition
Examples:
• Hole in polo
mint
• IPad design
• Dysons vacuum

9. (Definition)
Making a product different and
stand out from competition

10. • Promotion
• Packaging (e.g. Eco-packaging)
• Form (e.g. appearance)
• Add-ons
• Quality
• Reliability
Method of Differentiation
Differentiation helps create customer loyalty and gives a firm
more control over the pricing strategies used.