1. Define what is meant by Penetration Pricing
- this strategy uses a low price to enter the market & gain market share
- this strategy uses a high price to enter the market. Even though the price is high, some people may still be eager to try a new product once sales from the group of people disappear the price of the product can decrease to attract new customers.
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2. Which one of these is a non profit motive for becoming an entrepreneur
- getting respect
- Being self satisfied
- making profit
3. Factors two things would cause a shift in demand
- Changes in Income & changes in FTP's
- changes in costs of Production & changes in Government legislation Tax
- The weather & natural disasters
4. Which one of these is a motive for becoming an entrepreneur
5. Define a Democratic Leader
- guide rather than dictate, consulting widely and encouraging everyone to participate in the decision making process.
- take top-down decisions without consulting employees to find out their views. they may provide very little information on the reasons for the decision
- behave rather as a parent might in making family decisions. They consult at every level and explain their reasons, but take the final decision themselves.
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