Product Life Cycle
What is the correct order of the product life cycle stages:
Introduction, Growth, Maturity, Decline
As profits decrease, the company must decide to change the product or how they are marketing it to increase sales is what stage?
Decline
What form of business is this: The owner is responsible for all operations of the business and assumes all the risk.
Sole Proprietorship
The total value, in dollars, of all final goods and services produced within the nation each year?
what is the GDP
This is the least profitable stage because of the costs associated with developing a new product
Introduction Stage
This is the period when sales of a product increase more slowly. The product or service has reached its peak of popularity.
Maturity
the business sets a low price to increase sales and market share. Once market share has been captured the firm may well then increase their price.
What is Penetration Pricing
What form of business is this :
obtain proper business licenses & draw up an agreement that includes the following:
–Capital contributions
–Responsibilities of each partner
–Decision making process procedures
–Shares of profits/losses
–Departure of partners
–Addition of partners
Partnership
●Weak or negative growth in GDP accompanied by an increased unemployment rate can trigger or define a ________________
what is a Recession
The pricing strategy where The company hopes that consumers will switch away from their competitors because of the lower price and better value
Penetration Pricing
A service or idea that is extremely popular for a very brief period of time is called a:
fad
The corner Tree Lot and the Bell Ringer in front of the Red Kettle outside of stores is an example of this type of unemployment:
Seasonal
What form of business is this:
•A legal entity that exists independently of its owners
•Owners are called shareholders
Corporation
In this portion of the Business Cycle
●Phase in the business cycle where real GDP increases for two or more consecutive quarters
●The following happens
○GDP Increases
○Unemployment Decreases
○Inflation increases
Expansions
Which pricing strategy is the following an example of?
Apple uses _______________ when introducing new iPhones and watches. Prices are gradually lowered when newer models are revealed
Price Skimming
The three non traditional product life cycle is
: fad, niche, and seasonal
the value of money (or its equivalent) placed on a good or service. It is usually expressed in monetary terms.
What is Price
What form of business does this represent :
•Person buys a business with a good reputation
•training and financial knowledge is provided
•usually provide packaging, advertising, and equipment to the new owner
Franchise
What are the 2 ways the government can stabilize the Business Cycle?
Fiscal Policy & Monetary Policy
This pricing strategy may be the safest route for long-term survival of a company, especially if it is on the smaller side
Status Quo Pricing
Selling rustic furniture around a popular lake would be an example of a:
niche
The price set is high to reflect the exclusiveness of the product.
What is Price Skimming
Someone that obtains the rights from a business to sell products on their behalf.
What is franchisee.
A phase marked by a prolonged period of high unemployment, weak consumer sales, and business failures?
What is a depression
the process of choosing strategic price points to take advantage of a market relative to competition
Competitive Pricing