Market Influences Flashcards
What is the product life cycles
Inception>Introduction>Growth>Maturity>Decline
What is inception?
When the idea for a product is manufactured
What is introduction?
When a product is first presented to the market
What is the growth stage?
When the public becomes more aware of the product and the volume of sales increase significantly
What is the decline?
When the costs are not at their best and sales volume declines or stabilises
What are methods to extend products life after decline?
-Price reductions
-Repackaging and redesigning of product
-Launched into new markets
-Promotions
What is marketing?
The promotion and selling of a product to place it in the reach of potential customers
What is market research?
The gathering of information about markets or customers in an organised way
What is target audience?
The group of customers a company has decided to aim their marketing and product at
What is market information?
The information about what is happening in the market and what you want to get your product into.
What are market trends?
The upward or downward movement of a market during a period of time
What are the types of intellectual property protection?
-Names of your products or brands
-Your inventions
-The design or look of your products
-Things you write, make or produce
What are methods of market research?
-Interviews
-Surveys
-Questionnaires
-The internet
What are variations in labour costs?
Manufacturing in low wage countries to lower labour costs and increase production.
What is globalisation?
Free movement of products, services and capital across the borders of the world, helping the world economy to grow.
