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Description
Flashcards by Lauren Thrower, updated more than 1 year ago
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Created by Lauren Thrower
over 10 years ago
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| Question | Answer |
| Maslow's Hierachy of Needs | |
| The Trade Descriptions Act | Businesses deal and sell to customers, all must not: - Give false information - Fail to give important information - Act aggressively (force the sale) |
| The Sale of Goods Act | Products and services sold by a business must: - Be of merchantable quality - Match their description - Be fit for purpose |
| Boston Matrix | Is a product portfolio analysis tool used to a plan the development of products. - Star, very successful - Question mark, Problem - Cash Cow, Little growth - Dog, Few propects |
| Extension Strategies | Increases the life of a product by slightly changing the product so that it has a fresh appeal to the target market or appeals to a new market segment. |
| Product Life Cycle | The stages through which a product passes from its development to being withdrawn from sale. |
| Customer Loyalty | The willingness of buyers to make repeated purchases of a product or from a business. |
| Market Segments | Part of a market that contains a group of buyers with similar buying habits. |
| Focus Group | A group of people assembled to participate in a discussion about a product before it's launched. |
| Qualitative Data | Data about opinion, judgements and attitudes. |
| Quantitative Data | Data that can be expressed as numbers and can be statistically analysed. |
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