Business Studies- Unit 3

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Repeat purchases
When people return to the business to purchase the same product again.
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Why do customers return to the same business again?
- Good customer service - Promotions (Buy one get one free)
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How do businesses get customers to trial new products?
- Promotions (Buy one get one free) - Free samples - Advertising
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Product Life Cycle
A graph that is used to plot sales over time on a particular product. It shows the life cycle of the product.
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What are the 4 different stages of the product life cycle?
1) Introduction 2) Growth 3) Maturity 4) Decline
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Stage 1 (Introduction stage)
- Lots of advertising - Low cash flow
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Stage 2 (Growth stage)
- Lots of advertising needed still - Product becoming popular
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Stage 3 (Maturity stage)
- High cash flow - Minimal advertising needed
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Stage 4 (Decline stage)
- Advertising and promotions needed in order to get the product to stay -Low cash flow
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Other cards in this set

Card 2

Front

Why do customers return to the same business again?

Back

- Good customer service - Promotions (Buy one get one free)

Card 3

Front

How do businesses get customers to trial new products?

Back

Preview of the front of card 3

Card 4

Front

Product Life Cycle

Back

Preview of the front of card 4

Card 5

Front

What are the 4 different stages of the product life cycle?

Back

Preview of the front of card 5
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