Business

Question 1

what is a product? (4ps)

Answer 1

Product refers to a good or service that a company offers to customers. should fulfill an existing consumer demand. Or a product may be so compelling that consumers believe they need to have it and it creates a new demand.

Question 2

what is a Price? (4 ps)

Answer 2

cost consumers pay for a product. Marketers must link the price to the product’s real and perceived value, but they also must consider supply costs, seasonal discounts, and competitors’ prices

Question 3

what is a Place ?(4ps)

Answer 3

company makes decisions regarding place, they are trying to determine where they should sell a product and how to deliver the product to the market. The goal of business executives is always to get their products in front of the consumers that are the most likely to buy them.

Question 4

what is a Promotion? (4ps)

Answer 4

includes advertising, public relations, and promotional strategy. The goal of promoting a product is to reveal to consumers why they need it and why they should pay a certain price for it.

Question 5

What do the 4 Ps mean in marketing?

Answer 5

often referred to as the marketing mix. These are the key elements involved in marketing a good or service, and they interact significantly with each other.

Question 6

What is the Boston matrix?

Answer 6

a model which helps businesses analyse their portfolio of businesses and brands. The Boston Matrix is a popular tool used in marketing and business strategy. A business with a range of products has a portfolio of products. star, cash cows, dogs and question mark.

Question 7

what do the Boston matrix sectors mean?

Answer 7

star= high growth + share
cash cows= low growth and high share
dogs= low growth + share
?= high growth and low share

Question 8

What is a product lifecycle?

Answer 8

the length of time from a product first being introduced to consumers until it is removed from the market. A product’s life cycle is usually broken down into four stages; introduction, growth, maturity, and decline.

Question 9

What types of sources of finance are there?

Answer 9

equity, debt, 
debentures, 
retained earnings, 
term loans, 
working capital loans

Question 10

What is Statements of financial position?

Answer 10

another term used to refer to the balance sheet. This statement provides a snapshot of all of the assets, liabilities, and equity of a given organization on the report date

Question 11

what is the economies of scale?

Answer 11

the lowering of per unit costs as a firm grows bigger. Examples of economies of scale include: increased purchasing power

Question 12

What is Break-even analysis?

Answer 12

useful in studying the relation between the variable cost, fixed cost and revenue. Generally, a company with low fixed costs will have a low break-even point of sale.

Question 13

The benefits/drawbacks of franchising?

Answer 13

ad- Brand awareness already exists for the business, making it easier to draw in an audience and generate profits.
dis- Initial investments can be high, and some companies require payment with non-borrowed money.

Question 14

How do businesses communicate with customers?

Answer 14

Businesses communicate with customers in person via sales representatives, customer service personnel and account representatives. In-person communication is an effective tool, especially when it comes to dealing with complex business issues or service concerns.

Question 15

how do businesses compete internationally?

Answer 15

business can compete against foreign rivals by offering better designed, higher quality products at lower prices.

Question 16

what does spiced mean?

Answer 16

stronger currency will lead to a decrease in the country’s exports as they are more expensive through a stronger currency, and an increase in imports.

Question 17

The impact of exchange rates on businesses?

Answer 17

Depreciation of your local currency makes the cost of importing goods more expensive, which could lead to a decreased volume of imports. Domestic companies should benefit from this as a result of increased sales, profits and jobs

Question 18

what are the benefits of sponsorship to the business?

Answer 18

increase your authority and competitiveness within your business’ niche. If your target audience relates to the party that you choose to sponsor, it has the potential to improve your company’s image, status and reliability.

Question 19

what is the channels of distribution in businesses?

Answer 19

The channel of distribution is the way in which the product gets from the manufacturer to the consumer . The manufacturer is the company that makes the product. A wholesaler is a business that buys products in bulk from the manufacturer who then sells on smaller quantities.

Question 20

Giving credit in a business?

Answer 20

Offering credit to customers indicates that you respect and trust them to pay their bills before their due dates. Customers will reward these gestures of confidence by continuing to buy from you. They will feel a degree of loyalty, and they like to do business with someone who trusts them.

Question 21

what is extension strategies?

Answer 21

An extension strategy is a practice used to increase the market share for a given product or service and thus keep it in the maturity phase of the marketing product lifecycle rather than going into decline.

Question 22

what are some examples of extension strategies?

Answer 22

Extension strategies include rebranding, price discounting and seeking new markets.