1.3.5 Extension strategies

Question 1

Two ways to normally prolong life of product?

Answer 1

make adjustment to product

invest in promotion

Question 2

3 ways of adjusting a product?

Answer 2

updating
adding value
extend range

Question 3

2 ways of promotion?

Answer 3

new ways for product

new markets

Question 4

What is the Boston matrix?

Answer 4

categorises according to market growth

Question 5

What four things are included into the Boston matrix?

Answer 5

Stars
Question marks
Cash cows
Dogs

Question 6

What are the 6 stages of the product life cycle?

Answer 6

development 
introduction 
growth 
maturity 
decline

Question 7

What are stars in the BM?

Answer 7

high market growth

high market share

Question 8

What are cash cows in the BM?

Answer 8

high market share

low market growth

Question 9

What are question marks in the BM?

Answer 9

low market share

high market growth

Question 10

What are dogs in the BM?

Answer 10

low market share

low market growth

Question 11

What are outbound marketing strategies?

Answer 11

involves directing @ potential customers whether they are expecting it or not

Question 12

What are inbound marketing strategies?

Answer 12

involves attracting potential customers to websites when looking for suppliers

Question 13

What are hybrid strategies?

Answer 13

involves both outbound/inbound

Question 14

Two approaches to staffing?

Answer 14

staff as an asset

staff as a cost

Question 15

2 examples of staff as an asset?

Answer 15

good holidays

job security

Question 16

2 examples of staff as a cost?

Answer 16

zero - hour contracts

cheap recruitment

Question 17

2 adv to flexible workforce?

Answer 17

expand quickly

cheaper

Question 18

2 disadv to flexible workforce?

Answer 18

less loyal

poor communication

Question 19

Define dismissal?

Answer 19

may be dismissed for unfair legal reasons

Question 20

Define redundancy?

Answer 20

where there is no work for employee to do