Unit 3 Business Studies

Pregunta	Respuesta
Maslow's Hierachy of Needs	Image: 64ff19d3-7846-4f4c-923d-d2dbb0bbd448 (image/jpg)
The Trade Descriptions Act	Businesses deal and sell to customers, all must not: - Give false information - Fail to give important information - Act aggressively (force the sale)
The Sale of Goods Act	Products and services sold by a business must: - Be of merchantable quality - Match their description - Be fit for purpose
Boston Matrix	Is a product portfolio analysis tool used to a plan the development of products. - Star, very successful - Question mark, Problem - Cash Cow, Little growth - Dog, Few propects
Extension Strategies	Increases the life of a product by slightly changing the product so that it has a fresh appeal to the target market or appeals to a new market segment.
Product Life Cycle	The stages through which a product passes from its development to being withdrawn from sale.
Customer Loyalty	The willingness of buyers to make repeated purchases of a product or from a business.
Market Segments	Part of a market that contains a group of buyers with similar buying habits.
Focus Group	A group of people assembled to participate in a discussion about a product before it's launched.
Qualitative Data	Data about opinion, judgements and attitudes.
Quantitative Data	Data that can be expressed as numbers and can be statistically analysed.

Resumen del Recurso

	Creado por Lauren Thrower hace más de 9 años