Miscellaneous Quiz / Level 1 - 5 Combined

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Level 1 - 5 Combined

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

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