Identifying A Business Oppertunity Flashcards
0
Q
PESTLE
A
Political Economical Social Technological Legal Environmental
1
Q
What is a market?
A
There must be effective demands for the goods or service
2
Q
What does pestle help with?
A
Factors effecting supply
3
Q
Factors that effect demand
A
- advertising
- fashion
- price of compliments
- price of substitutes
- income
- no of buyers
4
Q
Product orientation
A
Focus on developing new products
Doesn’t research customer needs or wants
5
Q
Market orientation
A
Research market wants and needs
Poduces goods or service accordingly
6
Q
Benefits of market orientation
A
Should b a successful launch of product
Less wastage of producing unnecessary products
Research and development should be more focused saving the company money
