Unit 4 Flashcards
What is Unique selling point?
Any feautre of a brand product that disunihes it from the comeption.
What is brand awanrmess
Aspect of branaindign in whichc exisitign and peotitnal consumers understand and recognise the existence of brands.
How to calcualte contribution per month?
(Price - AC) X Quanitity
What is process?
the systems and procedures that a company uses to produce and deliver its products or services to customers.
What is mean?
Add all numbers together a divide by the amount of numbers
Product life cycle?
Inlcude intorduction
X axis-Time
Y axis-Sales revenue
What is the diagram for the product position map ?
X axis- quality
Y axis-Price
What is niche market?
A small narrow deifned gorup which ahs speicific needs which businesses sell goods and services to.
What is one advantge and one disadvatage of using focus group?
Cheaper
Resuslt difficult to anaysye due to qualaitive feedback
How to calculate selling price?
cost marke u by 1 x costs
Cons of using social media?
Hire social media speciislsits
What are charecterisitics of a service?
Intnagaiable and no ownership
What is adavantage of market seg,mentation
Specifici promtional camoagains and discouts
What is a feautre of product oreneitned business?
Business focus on product oreneted typcialaly focus on quliyty and mixismising production
Examples of Expesenses
Rent staff Salaries
