The coming up with new ideas and ways of doing things. Producers do this to gain sales or reduce costs.
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What is product innovation?
Occurs when new technologies make it possible to create completely new products.
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What is Process innovation?
Using new technologies to improve p[production methods, so that costs are reduced without a loss in quality.
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Marketing plans must be three things?
offensive/ defensive/ a mixture of both
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What is marketing?
The action or process of promoting and selling products and services, including market research and advertising. It is how the business connects to its customers.
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What is meant by Risk?
Concerned with things that could go wrong where the chance of a mishap can be calculated. Action is possible to reduce risk.
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What is meant by uncertainty?
Unpredictable and uncontrollable and can create both minor and major problems.
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Other cards in this set
Card 2
Front
A small part of an overall market, products and services are usually very high priced and luxury items
Back
What is a niche market?
Card 3
Front
A very large market, with a high sales volume. P's and s's aimed at larger groups of consumers.
Back
Card 4
Front
Yes, Businesses divide them into groups, perhaps by age/ income/ gender/ tastes... and tries to cater to their separate preferences
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