Business Studies- Unit 3 3.0 / 5 based on 1 rating ? Business StudiesProduct trials and Life cycle.GCSEEdexcel Created by: sophieCreated on: 14-04-14 16:57 Repeat purchases When people return to the business to purchase the same product again. 1 of 9 Why do customers return to the same business again? - Good customer service - Promotions (Buy one get one free) 2 of 9 How do businesses get customers to trial new products? - Promotions (Buy one get one free) - Free samples - Advertising 3 of 9 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. 4 of 9 What are the 4 different stages of the product life cycle? 1) Introduction 2) Growth 3) Maturity 4) Decline 5 of 9 Stage 1 (Introduction stage) - Lots of advertising - Low cash flow 6 of 9 Stage 2 (Growth stage) - Lots of advertising needed still - Product becoming popular 7 of 9 Stage 3 (Maturity stage) - High cash flow - Minimal advertising needed 8 of 9 Stage 4 (Decline stage) - Advertising and promotions needed in order to get the product to stay -Low cash flow 9 of 9
Economies of Scale - Business Studies (BBC Bitesize Revision Notes) 5.0 / 5 based on 1 rating Teacher recommended
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