A
Having too much inventory
What is overstocking?
Product, Price, Place and Promotion
What is the marketing mix?
The business who provides the business with the products/services to sell
What is a supplier?
What type of market research is looking at information from a published source?
The name, logo, symbol and slogan given to a product or a range of products
What is a brand?
A model of what the product is going to look like
What is a prototype?
The method of production where one product is made to customer requirements
What is job production?
Maturity
What is the stage of the product life cycle where products are at their highest?
Charging higher than competitors
What is high price?
List of questions sent out to customers homes sent via mail
What is a postal survey?
What is flow production?
A group of people are selected to discuss their likes and dislikes about the business
What is a focus group?
The time from ordering the product until it is delivered
What is lead time?
Market Segmentation
The method of quality which is checking the product at the end of production only
What is quality control?
Psychological Pricing
What is the pricing strategy used to make customers think they are getting it cheaper than what they are e.g. £4.99 instead of £5?
Designing the product on the computer
What is CAD?
Using robots in the manufacturing process
What is CAM?
The only door-to-door distribution method
What is road distribution?
Paying for your product to be shown in films/tv shows
What is product placement?
The software used by the Operations department to keep a record of supplier contact details
What is Access?
The availability of water, gas, electricity and transport links
What is infrastructure?
What is the software which can identify which products are selling well and which are not?
A promotional strategy where customers are awarded points every time they make a purchase
What is a loyalty card?
Checking the product at various stages of the production process
What is quality assurance?