Market

• Market covers both the people who will be buying or using the product and the promotion and selling of products.
• What is market pull?

  When there is a demand for the product from consumers.
• What is technology push?

  When new technologies, materials, and manufacturing methods are used in products and then ‘pushed’ onto the market.
• What is branding?

  The name, term, design, symbol, or any other feature that makes one seller's product distinct from those of other sellers.
• What are techniques used to increase sales and market share?

  • Reducing prices
  • Increasing advertising
  • Celebrity endorsement
  • Minor changes to function
• What is niche marketing?

  When a specialist segment of the market is identified; a small group of customers that can be defined in specific terms.
• What is a fashion or trend?

  A style that is popular at a particular time.
• What is style?

  Something that lasts forever, even if it is associated with a period of time.
• What does economics involve in product development?

  The cost of designing and manufacturing the product and its selling price.
• What are the stages of the Product Lifecycle?

  1. Introduction: researching, developing, and launching the product
  2. Growth: when sales are increasing at their fastest rate
  3. Maturity: sales are near their highest, but growth is slowing down
  4. Decline: final stage when sales begin to fall
• What happens during the introduction stage of the Product Lifecycle?

  Researching, developing, and then launching the product.
• What characterizes the growth stage of the Product Lifecycle?

  When sales are increasing at their fastest rate.
• What occurs during the maturity stage of the Product Lifecycle?

  Sales are near their highest, but the rate of growth is slowing down.
• What is the decline stage in the Product Lifecycle?

  The final stage of the cycle, when sales begin to fall.