Product
What is product research?
Research to find out what customers want.
What is cost-plus pricing?
Setting price slightly higher than cost.
What is retail distribution?
Selling through retail outlets.
What is a coupon promotion?
Promotions happening when a sale is made.
What does "target market" mean?
Identifying which customers to target.
How do customer reviews affect products?
Strong reviews boost sales.
Why are discounts offered?
Lower prices bring more customers.
What is logistics?
Price cuts to encourage fast buying.
What is point-of-sale promotion?
Free samples, demos at stores.
How does advertising influence decisions?
Ads trigger interest and desire.
How do companies customize products?
Tailoring products for different markets.
What is break-even pricing?
Selling to businesses in bulk.
What is wholesale selling?
Products sold to retailers for resale.
What is sampling in promotion?
Influencers, TV commercials, online ads.
What are customer loyalty programs for?
Build customer loyalty with rewards.
What is product differentiation?
Making products unique from competitors.
Why would a price change in different seasons?
Special limited-time free samples.
What is drop-shipping?
Offering free samples to boost interest.
What is a promotional campaign?
Free products to promote brand.
How does brand reputation affect buying?
Strong brands influence buying habits.
How can R&D (research and development) create better products?
R&D finds new solutions or better versions.
What is dynamic pricing?
Charging different prices based on demand.
How does technology change distribution methods?
Selling directly to consumers by website or store.
How is sponsorship used at major events?
Getting people talking about your brand.
Example: logos on jerseys, ads for superbowl, etc.
How can businesses predict consumer trends?
Track and predict shopping trends.