Product & Price
What pricing strategy do apple use for new products?
Market skimming
What is promotion?
marketing activities used to communicate with customers and potential customers to inform and pursuade them to buy a business's products
Define legal controls
laws that control the activity of businesses
Name 3 methods of production
job, batch and flow
list two ways of recruitment
internal and external
List all of the pricing methods
How many methods of promotion are there? List them
advertising, sales promotion, personal selling, direct mail, sponsorship
What are the four p's of marketing?
product, price, place, promotion
what is the formula for labour productivity
total output / number of production employees
Define dismissal
termination by the employer because the employee has broken company rules or is not performing work to the required standard
define price elasticity of demand
measured by how much demand for a product there is when there is a change in price
what is the main advantage of direct selling?
keep all the profit, control customer experience
Define marketing strategy
a plan to achieve the marketing objective using a given level of resources
Give an example of just-in-time production
correct answers rewarded
List two pros and one con of on the job training
actual work experience, workers feel trusted, workers could make mistakes which impact customer
suggest one extension strategy for a fast fashion company
increase advertising and promotional activities
give two advantages of e-commerce to businesses
increased competition, customers might not be familiar with the business
what is the main objective of legal controls on businesses when marketing?
protect consumers from faulty and dangerous goods
Give three examples of what businesses must have in order to use JIT sucessfully
excellent relationships with suppliers, good communication, organisation skills
List all the stages of recruitment
1 identify need 2. job description 3 person specification 4 advertise 5 application 6 receive application 7 shortlist 8 interview 9 selection
state one way the product life cycle influences pricing decisions of any business
correct answers rewarded
Give three factors that influence the decision for choosing a distribution channel
cost, nature of the product, the market
List three issues of a business entering foreign markets
consumer tastes, local laws, competition
How can Kaizen help imrpove labour productivity?
correct answers given
Why is internal recruitment important?
familiar with the business, save time, save costs, increased chances of promotion