Mosely- Key Terms Flashcards
Unit costs
The total cost to produce one item
Product life cycle
The sales of a product over a period of time
Capacity utilisation
The proportion of maximum possible output that is used
How do company’s stop their product from declining?
Creators continued to design more products and advertise them
Target audience
The people you’re aiming your product/service at
Name a product that went straight from introduction to decline
Pizza scissors
Four main stages of PLC
Introduction
Growth
Maturity
Decline
Why are branded goods enjoying continuous growth?
The product is constantly being improved and advertised and maintains a strong brand loyalty
Development and introduction
Where on a product life cycle would you fine negative cash flow?
Sales increasing so?
Cash flow increasing too
Cash flow
The flow of money in and out of a business
C E L L?
Capital
Enterprise
Land
Labour
Extension strategy
A plan that prevents sales from declining
Marketing
About understanding your customers needs and adopting your marketing mix in order to give them what they want
