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Level 1 - 4 Combined

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HintAnswer
Markets are not static, they are always
A good that lasts a long time in good condition has good
The iPad is an example of
R&D
When entering a new market it is typical to have a lower price than competitors in order to gain initial market share
Bar and pie are both types of
Products that can be used instead of the product being sold. An example for some people is Coke vs Pepsi
Information that is based on judgements and opinions
Information that has already been created that a firm can use to find out more about the market
Putting consumers into groups such as gender, income, age, location, and so on is an example of
Type of information that is typically less biased
A product that will not be sold to everyone but instead a select few people is called a what? An example is Vertu phones.
Calculating all costs and adding a mark up or margin to figure out the selling price of the product
If there is high demand then prices will go up and _______ will increses
Sales have leveled out.
A visual that shows the relationship between two things. Typically contains and x and y axis
Making products based on what the firm believes is best, not necessarily what the consumer believes
After careful research and analysis, the firm has chosen the specific people they will try to sell their product to. This is referred to as their
Putting prices at a similar or slightly lower price than one's competitors
The _______ ______ ________ affects pricing decisions
Type of primary research where the firm asks people questions and records their answers
People not only want a product but are willing to pay for it at a certain price point
A visual that is used to simplify information
Leading the questions or an unobjective analysis leads to
Information that is shown through numbers
Selecting 10% of the students at HIS in order to gain insight into what the whole school thinks would be considered
Product, price, place and promotion are part of the
External factors of SWOT that a firm doesn't have control over
How quickly demand changes as prices change
A type of research where a group of people are asked to share their opinions and perceptions
During the development stage a _______ is made in order to test the product
This is not only used to protect the product but also make it eye catching and promote the brand image
Consistently good quality will help the
Before satisfying a customers needs, it is normal to first _________ their needs.
The product life _______ affects promotion decisions
HintAnswer
Firm introduces new variations or sells products to new markets
Introducing a brand new product, the firm may choose to sell it at a very high price.
A higher change in demand than the change in price would mean the demand is
Where buyers and sellers meet to exchange goods or services for money.
The stage where sales increase the most
The equilibrium where supply and demand meet
Unique name, unique packaging, the price and quality all contribute to the
Lowering the price of a product for a short period of time. Perhaps to get to rid of inventory or increase interest in a product
In regards to SWOT, strengths and weaknesses are factors that the firm has some control over and are considered
A firms quantity sold multiplied by it's selling price
Products that are typically used together and therefore if demand increases for one, the other product will have increased demand. An example is hot dogs and hot dog buns.
The amount of product available in the market
Things consumers would like to have. Such as replacing one's iPhone 5 with a 5S
Products that are purchased for consumption by the average person
Development, introduction, growth, maturity, saturation and decline are all parts of the
Normally if price goes up, ________ goes down
The R&D stage of the making a product
Sales start to fall. Product has been out for a long time
Things consumers have to have such as food, water, a phone.
Selling at the price point and quality level that no one else is selling is finding a ______ in the market
Total firm sales / total industry sales
Sales continue to grow but at a much slower rate. Perhaps more competition. High point for profits
When the product first comes out. Sales will be low
Pricing a product at $99 is an example of
Selling a product that anyone can buy such as Coke is referred to as
A business model used to evaluate both internal and external factors for a firm
Questionnaires, interviews, survey and focus groups are all examples of
A research method where one meets face to face and asks questions
Services that are purchased by another company such as insurance and consulting,
A lower change in demand than the change in price would mean the demand is
Making products based on what the consumer wants
Always choosing to buy a Mercedes car is an example of
In the processing of developing new products there are always ______ _____ ________
One limitation of this type of research is it can be very expensive
If an industry becomes highly profitable, one can expect more companies to join which will make the market more

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