Students should
- understand the benefits and risks of developing new products
- understand the importance of product design, image and the needs of the target market when designing new products
- appreciate the significance of having a USP in a competitive market and the importance of a good brand image
- have an understanding of the product life cycle and demonstrate how demand for a product or service might change over time.
- be able to evaluate the effectiveness of extension strategies and when they would be suitable
- understand how and why businesses might broaden and balance their product portfolio using the Boston Matrix
- be able to identify and explain the four categories of the Boston Box
Complete lesson written by Sarah Hilton for Revisionstation
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