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Packaged drinking water. People have begun to prefer tap water as it is more environment friendly
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∙ 12y ago
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What is product differenciation?
Product differentiation means to differentiate our product with other product. The best example is Nokia Mobiles and Samsung Mobiles.
How can consumers benefit from advertising?
the consumer can discover a better product than the one he is accustomed to using.
What is the best way to introduce a product?
1. Do some market research so see if there is a demand. (Even if the product is a brand-new concept, like Apple's iPad, preliminary research will be helpful). 2. Evaluate costs of production and marketing, and see if the project is feasible. 3. Introduce the product to the market with an appropriate advertising campaign.
Why do you carry out research?
Research can help you define your target market, assist in estimating market demand for your product, help in defining the qualities the market values in your product, finding the best medium to communicate with those potential customers, and reduce the risk of inopportune market investments. Ton's of people create new products or launch business ventures every year with no foreknowledge of the market demand, only to find they have over estimated the probabilities of success.
What are the seven stages of New Product Development process?
Product Idea Brainstorming-The First major step in the process of a newproductdevelopmentis to generate idea for the product.Analyze yourindustrytype thatwhetherthe areas identified are good enough for the products or not.Evaluate the ideas-Create a list of product ideas and share it with the appropriate decision-makers in the company such as managementsection. Lookforward to the pros and cons of the idea and extract the best among them.Market Evaluation-Seek feedback from customers, employees and partners on which idea is moat appealing.Analysis-Go for analyzing the product from business perspectives. Determine the demand for the product and estimate all costs affiliated with the product.Prototype and Marketing-Create a sample of the product and share it among thetargetedaudiences and track their feedback. Analyze it and then usethosetracks for developing the marketing strategy.Market Testing-Bring innovations in the sample created for the product as per the requirement of the audience group members taste and preferences.Do a small product release session in selected areas. A small launch will help you in determining needs prior to theofficiallaunch of the product.Prepare for launch-On thebasisof market testing, evaluate how many products are to beproducedbased on the market testing and demand for the product.
Does the demand for a product in general tend to be more inelastic than the demand for that product from a particular supplier?
no, product demand in general tends to be more elastic because there are more options the consumer can choose from. demand for the product in general allow for the principle of "substitution" to be used by the consumer. if one producers price is too high then the customer will be able to shop around for the best price available for that product. demand from a singular supplier is more price sensitive, and with demand being inversely related to price and increase in price negatively impacts the level of demand and visa-versa
True or False . If you do not see a demand for a product it is best to be quick about buying stock from that company?
false
What BEST describes the market demand for a particular product good?
The sum of all the individual demands for a particular good determines the market demand for the good.
What is product differenciation?
Product differentiation means to differentiate our product with other product. The best example is Nokia Mobiles and Samsung Mobiles.
How can consumers benefit from advertising?
the consumer can discover a better product than the one he is accustomed to using.
What are Examples of independent goods?
a person's demand of nails is independent of his ore her demand for bread... :D i think so this example is best you will not get it anywhere else.
What is the best example of elastic demand?
People take fewer vacations as air fare gets higher.
What was the best example of a mass-produced consumer product in the early 1900s?
Condoms
How can freedom of choice effect the avalibilities of products and services for consumers?
We can choose the products and services that best suit our needs. If a product is not needed it will fade away because there isn't a demand. If a product or service is needed it will be copied giving the consumer more choices and creating competition. Consumer demand and the competition will dictate the price points for a product or service. To sum up the freedom of choice can cause a product or service to succeed or fail based on the demand of the market created by consumers.
Which situation best illustrate the concept excess demand?
Currently, due to rumors of gun control legislation, there is an excess demand for high capacity magazines. You can see the results of excess demand by searching for high capacity magazines for sale. Every venue that offers them for sale has nothing in stock. Places that do have them in stock are asking extraordinary prices for them. Therefore, the example of excess demand of high capacity magazines illustrates that excess demand causes scarcity of product and inflation of price. Conversely, excess supply will likely cause decreased prices.
Which statement best best describes the law of demand best?
The law of demand states that as the price of a good or service decreases, the quantity demanded by consumers increases, and vice versa. In other words, there is an inverse relationship between price and quantity demanded - when the price goes down, people buy more, and when the price goes up, people buy less.
Is medical better than engineering?
They both are good professions, since they will always be there. I believe currently though that they are more in demand at the moment for people in the medical field due to the declining numbers. Either way just go for whatever you are best at and enjoy the most!.
