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Question 1

Adding value

Answer 1

This is the process of increasing the worth of the material because of the business doing something and then selling the product

Question 2

Incorporated

Answer 2

This is turning your business into its own separate legal entity

Question 3

What is the product life cycle

Answer 3

Introduction, growth, maturity and decline

Question 4

What is segmentation

Answer 4

Segmentation is the process of breaking up the market into different groups

Question 5

Domestic market

Answer 5

The businesses operating in their own country

Question 6

Tariff

Answer 6

A tax imposed on imports and exports

Question 7

Wholesale channel

Answer 7

Traditional distribution channel. From manufacturer to wholesaler (who buys in bulk) to Retailer (Who sometimes buys in bulk) to consumer who just buys one or two products

Question 8

Franchisee

Answer 8

Gains use of the company’s ip and help from the company but has to pay an initial fee and needs to pay royalty every year.

Question 9

Advertising

Answer 9

Something to bring attention to the business

Question 10

Manufacturer channel

Answer 10

Made by the manufacturer and goes straight to the consumer. Really cheap for customer but the manufacturer may struggle to sell.