Exam Eq Responses Flashcards
1
Q
Why do market research?
A
-gives qualities data
-develop satisfying product
- make greater revenue
2
Q
Product range benefit?
A
Wider customer needs=more revenue=less risk business failure if product lose popularity
3
Q
Market map why use?
A
Identify gap in market= identify opportunities for customer needs to be met=less competition=more succes
4
Q
Disadvantage of interest rates increasing?
A
-demand for product falls= customers get less disposable income= customers spend less luxeries
5
Q
How business use price in marketing mix?
A
Lower prices= (if reduce variable costs)= reduce price without reducing profit= increases demand
6
Q
What happens if close to competitors
A
