07.2 Situational analysis - SWOT analysis and product life cycle Flashcards
1
Q
SWOT
A
- Strength
- Weakness
- Opportunities
- Threats
2
Q
Strengths
A
- Things business is good at
3
Q
Weakness
A
- Things business is bad at
4
Q
Opportunities
A
- Low interest rates
- Technological advances
- New market segment
5
Q
Threats
A
- Business competition
- Market trends
- Laws
6
Q
Product Life Cycle
A
- Introduction
- Growth
- Maturity
- Decline
7
Q
Product Life Cycle: INTRODUCTION
A
- Product is introduced
- Price is lower than competitors
- Promotion is directed at early buyers
- Distribution is selective
8
Q
Product Life Cycle: GROWTH
A
- Quality is improved
- Price per unit of production is maintained
- Promotion seeks newer market
- Distribution channels are increased
9
Q
Product Life Cycle: MATURITY
A
- Product tries to differentiate from competitors
- Price adjusted downwards
- Promotion continues to suggest product is best
- Distribution channels decreases
10
Q
Product Life Cycle: DECLINE
A
- Product is maintained
- Price is reduced
- Promotion discontinued
- Distribution channels decrease
11
Q
Why do Businesses Decline
A
