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What are the functions of a Business Development Department?
Typically, the Business Development Department of a manufacturer will identify strong potential markets for their product and look for channels of distribution in those markets.
What are factor markets and product markets?
Factor markets are markets for inputs into the workforce, such as labor markets, land markets, and capital markets. They represent items that are factors in the growth of business. Product markets are the the outputs produced by markets such as goods and services.
What is product diversification?
The process of expanding business opportunities through additional market potential of an existing product. Diversification may be achieved by entering into additional markets and/or pricing strategies.
What does naming product-markets mean?
Market for branded products is called naming product markets.
What is the difference between a labor market and a factory market?
The primary difference between product markets and factor markets is that factors of production like labor and capital are part of factor markets and product markets are markets for goods.
What criteria should be considered when awaiting a recommendation for a product or service?
When waiting for a recommendation for a product or service, consider factors such as the credibility of the source, the relevance of the recommendation to your needs, the reputation of the product or service, and any potential biases that may influence the recommendation.
What is is the process of naming broad product-markets and then segmenting these broad product-markets in order to select target markets and develop suitable marketing mixes?
Market Segmentation
Two payment types in the circular flow model?
Resource Markets & Product Markets
Define potential product?
A potential product refers to what a product could have been or would be in future.
How would you describe the job of new-product-planning marketer?
new-product-planning marketer conceptualizes, researches, and evaluates new ideas. During the evaluation process, the new-product-planning marketer considers both the feasibility of the production of the product and the product's potential profitability.
How would you describe our product to a new customer?
How would you describe a product to a new customer to Monsoon Accessorize
What does Product marketing mean?
Market for branded products is called naming product markets.
