Business Flash Cards

Molly Petherick
Flashcards by Molly Petherick, updated more than 1 year ago
Molly Petherick
Created by Molly Petherick almost 6 years ago


Business class 2014-2015

Resource summary

Question Answer
What are the stages of the product lifestyle? -Introduction -Growth -Maturity -Decline -Decision Point
What is a Specialty Channel? -vending machines -telemarketing -catalog sales - e-commerce -door to door sales (any indirect channel that doesn't involve a retail store)
Invention vs. Innovation Invention = Creation of some item/concept/thing that has never been done before Innovation = upgrade, altering a product or invention to become better it more efficient
What is an Indirect Channel -people who own the product before selling it.... eg, wholesales, importers, retailers
What is a Direct channel of Distribution? Selling directly to consumer -farmers -bakers Produce the item, then sell it immediatly
What is the difference between sales and distribution? Sales = transferring the ownership of a product to another Distribution = moving the product to the consumer
What is a Niche? Groups of people who have different fads than others
What are the differences between Fads, Niches, and Seasonal non-traditional product life cycles? Seasonal cycles are fads only during certain times of the year. Fads are popular trends for very short periods of time, and niches are specialty fads thatbhave short growth stages but long maturity stage, eg Yoga or Food
Name 2 conditions that create demand, and 2 conditions that create Supply Creates Demand =
Name 2 conditions that create demand, and 2 conditions that create Supply Creates Demand =
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