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.
What is the impact of globalisation on variable labour costs?
Creates employment in low wage countries as it is cheaper for manufacturing companies costs.
What is the impact of globalisation on availability of raw materials?
Enormously effects world issues such as deforestation and global warming
What is the impact of globalisation on moral issues in outsourcing production?
-Farmers employed in less developed countries work in poor conditions.
-Pollution can be higher
-Damages local environment and natural resources are over exploited
What are the impacts of globalisation on transportation costs?
-More expensive to transport
-company May relocate to source of raw materials
What are the impacts of globalisation on environmental costs?
Pollution of rivers and beaches
What are the advantages of globalisation?
•Consumer is able to buy cheaper products
•Large numbers of people took out of poverty
•Increased trade across nations
•Cultural diversity in all nations will improve
What are the disadvantages of globalisation?
•Companies move to source of cheap labour, ignoring unemployment
•Increased pollution and environmental damage
•Health and safety laws are often ignored
