1.

Question 1

what is quota sampling?

Answer 1

creating a sample with individuals who represent a population

Question 2

what is market orientation?

Answer 2

the decisions surrounding a product are based off of market research

Question 3

what is product oreintation?

Answer 3

decisions surrounding a product are based off what the business is good at

Question 4

what is the acronym for changes in demand?

Answer 4

population
advertising
substitute price
income
fashion/taste
interest rates
complimentary price

Question 5

what is a shock?

Answer 5

an event outside of an economy which impacts the economy

Question 6

what is the acronym for changes in supply?

Answer 6

policies
indirect tax
nnumber of firms
tech
subsidies
weather
c.o.p

Question 7

what is predatory pricing?

Answer 7

lowering the price of goods so far that competitors cannot put goods out as they cannot cover their costs

Question 8

what does PED measure?

Answer 8

the responsiveness of quanitity demanded to a changed of price

Question 9

what does YED measure?

Answer 9

how demand changes following a change in income

Question 10

what are the 3 components of the design mix?

Answer 10

aesthetic
function
cost

Question 11

what is cost plus pricing?

Answer 11

pricing a product to cover costs and provide a good profit margin

Question 12

what is price skimming?

Answer 12

prices are set high then decreased once a business is stable

Question 13

what is price penetration?

Answer 13

setting prices low, then increasing them once a customer base is established

Question 14

what is predatory pricing?

Answer 14

using aggressive price cutting so that competitors are detered

Question 15

what is psychological pricing?

Answer 15

pricing an item to make it appear cheaper or to display its quality

Question 16

what is a buffer stock?

Answer 16

stocks held incase of a sudden rise in demand or issue in supply

Question 17

what is a stock out cost?

Answer 17

costs of not having stock when its needed

Question 18

what is the JIT method?

Answer 18

not holding stock in storage, instead getting them delivered when they are required

Question 19

what is a distribution channel?

Answer 19

the chain of firms a good or service passes through until it reaches the consumer

Question 20

what is a wholesaler?

Answer 20

a business that sells goods to retailers

Question 21

what is a retailer?

Answer 21

a business that sells goods to customers

Question 22

what are the stages of the product life cycle?

Answer 22

1. development
2. intro
3. growth
4. maturity
5. decline

Question 23

give 2 ways how the product life cycle can be extended

Answer 23

1. promoting the product differently
2. changing the product itself

Question 24

what are the 4 components of the Boston Matrix?

Answer 24

1. cashcow
2. dog
3. question mark
4. star

Question 25

give 4 features of a cash cow product

Answer 25

1. saturated product
2. extending life cycle to maximise profit
3. high market growth
4. low market share

Question 26

give 3 features of a dog product

Answer 26

1. low market growth
2. low market share
3. declining product

Question 27

give 3 features of a question mark product

Answer 27

1. high market growth
2. low market shere
3. intro phase of life cycle

Question 28

give 3 features of a star product

Answer 28

1. high market growth
2. high market share
3. growth