ENTREP LESSON 4

• what tip is this from choosing the business name?

  The business name must be understandable so it is easily stored in the memory.

  Easy to recall or remember
• what tip is this from choosing the business name?

  It produces positive or favorable feelings upon saying or mentioning to the public.

  Pleasant meaning creates pleasant feelings
• what tip is this from choosing the business name?

  The business name must be cited as freely as it can be

  Easy to pronounce
• what tip is this from choosing the business name? The business name must be simple. Using words that are used in everyday communication will be an advantage.

  Easy to spell
• what tip is this from choosing the business name? The business name must describe the product. It represents the features of the product.

  Related to the product
• it is a process where A new product is a modification, creation, and innovation of an existing product which makes the product more meaningful to customers.

  Product development
• The rate of sales growth depends on the desirability of the product, competition is limited or selected, losses are experienced because of high production and marketing cost.

  Introduction
• PARTS OF PRODUCT LIFE CYCLE:

  1. product development
  2. introduction
  3. growth
  4. maturity
  5. decline
• what costumer takes Initial and immediate? who are willing to take risk because the product is new in the market. Promotions must be informative and free samples may be described.

  Innovators
• The product gains wider consumer acceptance and the objective are to expand distribution and the range of available product alternatives

  Growth
• The product’s sales levels and companies try to maintain lower price, better product features for as long as possible.

  • Market is saturated, penetrated and competition at its highest level.

  maturity
• The product’s sales fall as substitutes and new competitors enter the market.

  • During this stage, firms may reduce or lessen the items produced and outlets used, promotion utilized, or they can revive and renew the product by repositioning, repackaging or they can terminate the product.

  Decline