From Mind To Market 1,

Question 1

What is the difference between needs and demands

Answer 1

Needs are associated with things we cannot do without
Demands are things we would like and arise directly from our needs

Question 2

Why do new products arise

Answer 2

1. Change in government legislations
2. As a result of new emerging technology
3. Market research identifying a gap in the market

Question 3

What is the importance of innovation in the market

Answer 3

It creates new products for consumer
It helps drive sales
Utilise new and emerging technologies

Question 4

What are two factors of market pull

Answer 4

Responding to changing lifestyle
Changing consumer attitudes change design priorities

Question 5

Two factors of technology push

Answer 5

New technologies are often driven by environmental pressures or consumer trends
New technologies are a way of ahcieving an advantage in the market

Question 6

What is market penitration ?

Answer 6

Involves increasing sales to existing customers
Finding new customers for existing products
Taking customers from competitors

Question 7

What are the characteristics of market development

Answer 7

Finding new markets for existing products
Repositioning the product into different sectors for an existing market

Question 8

What are the characteristics of product development

Answer 8

Changing or developing products further

Question 9

What are the characteristics of diversification

Answer 9

Might help develop the business by adding more markets which would enhance company sales and market share