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Product: design mix and life cycle
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A product must be designed well, and it goes through stages from launch to decline. Smart businesses plan for each stage.
The design mix
Function: does it work well and do its job?
Aesthetics: how does it look, feel, smell or taste?
Cost: can it be made cheaply enough to sell at a profit?
The balance depends on the product: a budget pen focuses on cost; a designer handbag on aesthetics.
Aesthetics: how does it look, feel, smell or taste?
Cost: can it be made cheaply enough to sell at a profit?
The balance depends on the product: a budget pen focuses on cost; a designer handbag on aesthetics.
The product life cycle
Extension strategies and differentiation
Extension strategies keep a product in maturity longer: new features, new packaging, new markets, new uses, price cuts or new advertising.
Differentiation makes a product stand out from rivals: by design, branding, quality or a unique selling point. It helps a business charge more and build loyalty.
Differentiation makes a product stand out from rivals: by design, branding, quality or a unique selling point. It helps a business charge more and build loyalty.
A chocolate bar's sales are falling after 20 years. Suggest an extension strategy.
- Sales falling means it is entering decline.
- A new flavour or limited edition can renew interest.
Answer: Launch a new flavour or limited edition.
Design mix: function, aesthetics and cost. Life cycle: development, introduction, growth, maturity, decline. Extension strategies keep sales up. Differentiation makes a product stand out.
The interactive lesson includes the diagrams for this topic.
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