business lockdown test Flashcards
product life cycle
it describes the stages a product goes through from when it was first thought of until it finally is removed from the market
the main stages of the product life style are …
introduction, growth, maturity, decline.
introduction
researching, developing, and then launching the product
growth
when sales are increasing at their fastest rate
maturity
sales are near there highest, but the rate of growth is slowing down
decline
final stage of the cycle, when sales begin to fall
a business can extend the life cycle of its products by…
advertising, price reduction, new packaging
place
refers to where the products are sold and how the business gets products to the customer. how products get to consumers are known as distribution channels
distribution channel
all the organisations through which a product must pass between its point of production and purchase by the consumer
wholesaler
a large storage centre able to take in deliveries direct from producers. the role of a wholesaler is to break bulk.
invention
introduction of a totally new idea
innovation
the improvement of an original idea
physical distribution
this refers to movement of goods that we can see and touch.
digital distribution
this refers to distribution of goods digitally by downloading from websites.
job description
document that describes the duties that a worker is required to carry out.
