Keep a Personal Checklist:

• What is a product?

• Distinguish between consumer durable products, consumer perishable products and fast-moving consumer goods.

• What are the stages in a typical product life cycle?

• Explain how the life cycle of a product has varying effects on a firm's level of investment, profits and cash flow.

• Use examples to explain the meaning of extension strategies

• Distinguish between the four quadrants in the Boston Consulting Group matrix.

• Why is it important for a business to have a balanced product portfolio?

• What is branding and why is it important for businesses?

• Distinguish between  'brand awareness', 'brand development', 'brand loyalty', and 'brand value'