Lecture 16 Predictions And Financial Forecasting Flashcards
0
Q
Determine your market
A
Your potential market comprises all actual and potential buyers of your products
The available market is those who have both interest and ability to buy
1
Q
Developing new products or services
A
We need to determine is there a market for this product and will people be prepared to pay for it
Is it financially viable to manufacture the product in the first place
2
Q
What is involved bringing a product to market
A
Upfront costs such as equipment & raw materials
Ongoing costs such as rent bills staff loans
You need qualified personnel to advertise your product & to source raw materials
3
Q
How do you estimate finances
A
Profit = income - expenditure
4
Q
What are the five stages of product life
A
Development Introduction Growth Maturity Decline
5
Q
What are the five types of people that buy products
A
Innovators Early adopters Early majority Late majority Laggards
