Common areas for Paper 1,2 & 3 Flashcards
1
Q
4 internal factors that influence new product development
A
- availability of a budget for research and development
- talent
- past success/failure
- how outdated current products are
2
Q
5 external factors that influence new product development
A
- new gap in the market
- customer expectations
- new technology
- competition’s actions
- government policies
3
Q
6 product development strategies
A
- product re design
- price reduction
- new packaging
- increase promotions
- find new segments
- find new markets
4
Q
6 key promotional methods
A
- advertising
- sales promotion
- direct selling
- personal selling
- sponsorship
- merchandising
5
Q
3 pro’s of Greiners growth model
A
- warns leaders that growth strategy is difficult
- highlights signs of crisis
- suggests ways of overcoming crisis
6
Q
3 cons of Greiners growth model
A
- too simplistic
- not all business suffer crisis as they go
- doesn’t consider external factors
