Currently Learning Flashcards
What is differentiation
Making the product or service diffrent from its competitors
Geographic
Location
Demographic
Age , gender , income
Psychographic
Hobbies beliefs attitudes
Behavioural
User status, benefits , loyalty
Prototype
First version of a device from which other forms are developed
What is the difference between r and d and market research ?
Is making what customers wants
While MR is about finding what the customers wants
What are the three things market research include ?
Aesthetics
Function
Economic manufacture
What is functions
How it works is it reliable
Eg
BMW
Improved performance and tyres with more friction
Economic manufacture
What are the 3 things we focus on it ?
- cheaper raw materials
- simple design less features
-lower skilled workers
Aesthetics what are the 5 senses and give example of what this means
Taste touch look smell sound
Eg smart phone increase the quality of the sound audio
Sale revenue
Unit sold x selling price
Gross profit
Sales revenue - costs
Operating profit
Revenue - fixed and variable costs
Why may business have to change design mix due to ?
Economic factors
Soucal trends
New completion
Percentage change ?
New - old / old x 100
What does market orientation focus on ?
Making the product based on customer needs ( market research )
Product orientation
Making the best product possible
R and d
What is demand ?
People who can afford a product and willing to buy it
Market share
Percentage of total sales in the market that are made by the business
