Miscellaneous Quiz / Level 1 - 5 Combined

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Level 1 - 5 Combined

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One limitation of this type of research is it can be very expensive
This is not only used to protect the product but also make it eye catching and promote the brand image
Firm that creates the products that will be sold to retailers and eventually to retailers (note is for consumer goods)
A higher change in demand than the change in price would mean the demand is
The iPad is an example of
Introducing a brand new product, the firm may choose to sell it at a very high price.
Bar and pie are both types of
The product life _______ affects promotion decisions
Selling at the price point and quality level that no one else is selling is finding a ______ in the market
Type of information that is typically less biased
Selecting 10% of the students at HIS in order to gain insight into what the whole school thinks would be considered
Goods are sold from the producer directly to the consumer
Information that is shown through numbers
Transportation of goods using trucks/lorries. Relatively cheap and fast.
The R&D stage of the making a product
Leading the questions or an unobjective analysis leads to
Where buyers and sellers meet to exchange goods or services for money.
R&D
If an industry becomes highly profitable, one can expect more companies to join which will make the market more
During the development stage a _______ is made in order to test the product
A firms quantity sold multiplied by it's selling price
Markets are not static, they are always
This channel of distriubution buy products in bulk, warehouses them and sells to retailers
The groups that sell the product to the consumer are known as a
Services that are purchased by another company such as insurance and consulting,
Things consumers have to have such as food, water, a phone.
Firm introduces new variations or sells products to new markets
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
This person or firm sells to wholesalers on behalf of the producer
A good that lasts a long time in good condition has good
Producers use this to sell their goods over the internet
Information that is based on judgements and opinions
Goods that can go bad in time such as food are known as
A research method where one meets face to face and asks questions
A visual that is used to simplify information
Buying in ______ is buying in large volume so the price per product is cheaper
A type of research where a group of people are asked to share their opinions and perceptions
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 consumers into groups such as gender, income, age, location, and so on is an example of
People not only want a product but are willing to pay for it at a certain price point
In regards to SWOT, strengths and weaknesses are factors that the firm has some control over and are considered
Information that has already been created that a firm can use to find out more about the market
Product, price, place and promotion are part of the
HintAnswer
External factors of SWOT that a firm doesn't have control over
Products that are purchased for consumption by the average person
Total firm sales / total industry sales
When entering a new market it is typical to have a lower price than competitors in order to gain initial market share
Using this type of distribution method can save costs because it doens't require a physical store but instead a warehouse with cheaper rent where goods can be shippped to consumers
Calculating all costs and adding a mark up or margin to figure out the selling price of the product
The _______ ______ ________ affects pricing decisions
Normally if price goes up, ________ goes down
Questionnaires, interviews, survey and focus groups are all examples of
Consistently good quality will help the
Development, introduction, growth, maturity, saturation and decline are all parts of the
Making products based on what the firm believes is best, not necessarily what the consumer believes
In order for the firm to gain a great margin, should it have more or less firms in its channel of distribution.
Type of primary research where the firm asks people questions and records their answers
A lower change in demand than the change in price would mean the demand is
A visual that shows the relationship between two things. Typically contains and x and y axis
Things consumers would like to have. Such as replacing one's iPhone 5 with a 5S
In the processing of developing new products there are always ______ _____ ________
Products that can be used instead of the product being sold. An example for some people is Coke vs Pepsi
The equilibrium where supply and demand meet
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
If there is high demand then prices will go up and _______ will increses
Before satisfying a customers needs, it is normal to first _________ their needs.
Sales continue to grow but at a much slower rate. Perhaps more competition. High point for profits
The amount of product available in the market
The stage where sales increase the most
Sales start to fall. Product has been out for a long time
Offers a wide range of products, including branded products, at discount prices. Often all the products are similar.
Putting prices at a similar or slightly lower price than one's competitors
A product that will not be sold to everyone but instead a select few people is called a what? An example is Vertu phones.
How quickly demand changes as prices change
Pricing a product at $99 is an example of
The person who buys the end product is known as the
When the product first comes out. Sales will be low
Businesses need to know how to get the product to the consumer. They may use a variety of
Transportation of goods using trains. Good for long distances and can be relatively cheap.
The storage of goods
Always choosing to buy a Mercedes car is an example of
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.
Making products based on what the consumer wants
Sales have leveled out.
Unique name, unique packaging, the price and quality all contribute to the

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