Key Term Definitions - LO3

Define what is meant by 'product life cycle'

• Actions a business can take to extend the life of a product and increase sales.

• When a business makes use of eye-catching advertisements or sales promotions to encourage customers to buy a product or service.

• The key feature that makes product or service different to others in the market.

• Traces the journey of a product from its development and launch to its removal from sale to the public.

Define what is meant by 'extension strategies'

• Actions a business can take to extend the life of a product and increase sales.

• When a business makes use of eye-catching advertisements or sales promotions to encourage customers to buy a product or service.

• The key feature that makes product or service different to others in the market.

• Traces the journey of a product from its development and launch to its removal from sale to the public.

Define what is meant by 'attracting new customers'

• Actions a business can take to extend the life of a product and increase sales.

• When a business makes use of eye-catching advertisements or sales promotions to encourage customers to buy a product or service.

• The key feature that makes product or service different to others in the market.

• Traces the journey of a product from its development and launch to its removal from sale to the public.

Define the term 'unique selling point'

• Actions a business can take to extend the life of a product and increase sales.

• When a business makes use of eye-catching advertisements or sales promotions to encourage customers to buy a product or service.

• The key feature that makes product or service different to others in the market.

• Traces the journey of a product from its development and launch to its removal from sale to the public.

Define the term 'function'

• The job which the product or service

  is designed to do.

• How a product looks or feels.

• Provides legal ownership of new inventions and prevents these from being used or produced by others.

• Provides and protects ownership of original creative and intellectual work , such as music and books.

Define the term 'aesthetics'

• The job which the product or service

  is designed to do.

• How a product looks or feels.

• Provides legal ownership of new inventions and prevents these from being used or produced by others.

• Provides and protects ownership of original creative and intellectual work , such as music and books.

Define the term 'patent'

• The job which the product or service

  is designed to do.

• How a product looks or feels.

• Provides legal ownership of new inventions and prevents these from being used or produced by others.

• Provides and protects ownership of original creative and intellectual work , such as music and books.

Define what is meant by 'copyright'

• The job which the product or service

  is designed to do.

• How a product looks or feels.

• Provides legal ownership of new inventions and prevents these from being used or produced by others.

• Provides and protects ownership of original creative and intellectual work , such as music and books.