Understand the advantages and disadvantages of creating new products, the influence of brand image on sales and customer loyalty, the importance of packaging, and the stages of the product life cycle along with strategies for extending it. Be able to illustrate and analyze a product life cycle diagram and discuss how its stages affect marketing choices such as promotion and pricing.

Quick explanation

Understand the advantages and disadvantages of creating new products, the influence of brand image on sales and customer loyalty, the importance of packaging, and the stages of the product life cycle along with strategies for extending it. Be able to illustrate and analyze a product life cycle diagram and discuss how its stages affect marketing choices such as promotion and pricing

• This point belongs to Marketing mix, especially Marketing mix outcomes.
• You need to be able to understand the advantages and disadvantages of creating new products, the influence of brand image on sales and customer loyalty, the importance of packaging, and the stages of the product life cycle along with strategies for extending it. Be able to illustrate and analyze a product life cycle diagram and discuss how its stages affect marketing choices such as promotion and pricing.
• The key ideas to know are Explain, Identify, and Outline.
• Use the linked flashcards and practice questions to check recall, then practise applying the idea in an exam-style answer.