Identify - Three methods of field research would be interviews, focus groups and surveys., Justify - A varied product portfolio will spread the business risk across several markets, this means that if one product fails, others may succeed. It will be easier to launch new products onto the market as customers will already be familiar with the brand, this can increase sales and brand loyalty., Compare - When penetration pricing is used, prices start low and will rise in line with competitors once the product becomes popular whereas with market skimming the price is high when the product first enters the market and is lowered once competitors enter the market. Both penetration pricing and market skimming are examples of short-term pricing strategies., Distinguish - Random sampling does not target any specific market segments whereas quota sampling chooses a group of people with certain characteristics. andom sampling is often more expensive than quota sampling as it requires a large group of people to be sampled whereas quota sampling requires less respondents. Random sampling is often more expensive than quota sampling as it requires a large group of people to be sampled whereas quota sampling requires less respondents., Describe - One type of consumer behaviour is impulsive purchasing, this is where a consumer purchases an item without thinking. Routine purchasing is when a consumer buys a product/service because it is habit. Extensive informed consumer behaviour occurs when a consumer purchases a product after extensive research., Explain - A way to extend a product's life cycle is to increase advertising or use persuasive advertising techniques. This will increase awareness of the product, which might mean consumers may purchase more of the product or service. Another strategy would be to lower the price, this can increase sales by allowing new customers to purchase the product. It might also mean that existing customers buy more of the product and/or buy the product more frequently., Discuss - An advantage of price discrimination is that equalises demand for a product/service which will make it easier for the business to cope at busy times. However, a disadvantage of price discrimination is that customers may be annoyed about being charged different prices at different times.,

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