29795400
Description
Flashcards by Mason Lang, updated more than 1 year ago
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Created by Mason Lang
over 3 years ago
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| Question | Answer |
| What is the name of the business model on the left? ( aesthetics function economic manufacture) | The design mix |
| What are the 4 types of marketing in the matrix marketing | Starts ,question marks, cash cows, digs |
| What are the 5 stages of the product life cycle? | Development introduction growth maturity decline |
| What kind of strategy can we launch when our product is at the end of its life? | Introducing a new pricing style or even a new product feature to try increase sales |
| what is a e commnace | buying and selling products online |
| Give an advantage and a disadvantage for a customer of using e-commerce. | Advantage: fast response to the consumer Disadvantage: the consumer can not feel or touch the product |
| What’s the difference between tangible and intangible? | Tangle is something you can touch physically intangible is something you can not touch |
| What is the Boston Matrix used for? | When a business seven different products in idea the Boston matrix and analyze and categories |
| What is cost plus pricing? | When a business works out what it costs to buy or make a product and then adds on the profit it would like to make |
| What is psychological pricing? | Psychological pricing is the business practices of setting prices lower than there normal price |
| What is price penetration? | Lowing there price to attract new customers |
| What is competitive pricing? | Setting a higher/lower price then another competitive business product |
| What is promotional pricing? | The price of the product is reduced for a short amount of time |
| What is the difference between quantitative and qualitative data? | Quantitively data: fact based and statistical information that can often be presented in graphs or chats Qualities data: states the opinions of the number of individuals in a report |
| What is market research? | To help there business understand there target |
| What is primary research? | When a business collects data directly from a sourse |
| What is primary research? | When a business collects data directly from a sourse |
| What is secondary research? | Completed suing data from other existing sources |
| Give 5 methods of primary research? | Observations Questionnaires Telephone interviews Focus groups Consumer trails |
| Give 5 methods of secondary research? | The data government reports News articles Competitor annual reports Research papers Purchased research material |
| Give an advantage of primary research? | The information is up to date |
| Give an disadvantage of primary research? | Costly to the business |
| Give an advantage of secondary research? | The data all ready exists |
| Give an disadvantage of secondary research? | Give an disadvantage of secondary research? |
| Define economies of scale | a proportionate saving in costs gained by an increased level of productions |
| What’s the difference between a mass and a niche market? | Mass markets: producing goods on a large scale Niche Markets: producing specialized products on a small scale |
| What’s the difference between a mass and a niche market? | Mass markets: producing goods on a large scale Niche Markets: producing specialized products on a small scale |
| Mass markets: producing goods on a large scale Niche Markets: producing specialized products on a small scale | A mobile phone and a packet of sweets |
| What does USP stand for? | unique selling proposition |
| What does economic manufacture mean? | Manufacturing is the processing of raw materials or parts into finished goods through the use of tools |
| What does economic manufacture mean? | Manufacturing is the processing of raw materials or parts into finished goods through the use of tools |
| At which part of the product lifecycle does the business have to advertise its products a lot to try and improve customer knowledge and sales? | Maturity |
| 'Actions a business can take to extend the life of a product and increase sales’ | They can extend the product by changing the price and try and promote your product to increase sales |
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