Business Studies UNIT 3

What is a Product Life Cycle?
The product life cycle is an important concept in marketing. It describes the stages a product goes through from when it was first thought of until it finally is removed from the market. Not all products reach this final stage. Some continue to gro
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What is Market Research?
Market research is the process of collecting valuable information to help you find out if there is a market for your proposed product or service. The information gathered from market research helps budding entrepreneurs make wise and profitable busin
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Types of communication
Written communication, Verbal communication, Electronic communication.
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What is product trial?
When a business begins to sell its product or services for a short time in a certain section of the market to see if there is a demand for the certain product or service.
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What is repeat purchase?
The buying of a product by a consumer of the same brand name previously bought on another occasion. A repeat purchase is often a measure of loyalty to a brand by consumers and is often taken into account by marketing research professionals to evaluat
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What is the marketing mix?
The marketing mix deals with the way in which a business uses price, product, distribution and promotion to market and sell its product.
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Card 2

Front

Market research is the process of collecting valuable information to help you find out if there is a market for your proposed product or service. The information gathered from market research helps budding entrepreneurs make wise and profitable busin

Back

What is Market Research?

Card 3

Front

Written communication, Verbal communication, Electronic communication.

Back

Preview of the back of card 3

Card 4

Front

When a business begins to sell its product or services for a short time in a certain section of the market to see if there is a demand for the certain product or service.

Back

Preview of the back of card 4

Card 5

Front

The buying of a product by a consumer of the same brand name previously bought on another occasion. A repeat purchase is often a measure of loyalty to a brand by consumers and is often taken into account by marketing research professionals to evaluat

Back

Preview of the back of card 5
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