Analyze the potential benefits and inherent risks associated with developing new products.
Explain the importance of product design, brand image, and aligning with target market needs during new product development.
Understand the concept of product differentiation, highlighting the significance of establishing a unique selling point (USP) in a competitive market.
Assess the role and importance of maintaining a strong brand image.
Describe the sequential stages of the product life cycle: research and development, introduction, growth, maturity, and decline.
Demonstrate how the demand for a product or service is likely to fluctuate over time according to its life cycle stage.
Identify and evaluate the effectiveness of extension strategies, such as updating packaging, adding features, changing the target market, increasing advertising, and reducing prices.
Explain the concept of a product portfolio and understand how and why businesses broaden and balance their offerings.
Apply the Boston Matrix to categorize products and analyze a business's product portfolio, identifying the four categories of the Boston Box.
