Product life cycle
Product life cycle Stage1- Development The business invests a lot of money into researching the market for the new product, developing the product, and market testing the product. At this stage of the life cycle the product is making no money for the company: on the contrary, it is COSTING money for the development. Stage 2- introduction The product is launched on the market. A promotion campaign and a large amount of advertising will take place at this stage. The product is still making a loss for the business, as sales are low. Stage3-Growth The product becomes known in the market: sales should start to increase. Advertising is continued, but less frequently than at the launch. The product should begin to make a profit. Stage 4- Maturity The product is now well established in the market. Promotion will be used to remind the consumer about the product. This is when the product reaches its highest sales and profit levels. At this stage the business may use an EXTENSION STRATEGY to prolong maturity. Stage 5-Saturation The market for the product becomes SATURATED. The only way to increase sales at this stage is to take them from competitors. Promotion strategies are used to do this. At this stage the business may also use an extension strategy to delay the products decline. Stage 6-Decline The product begins to lose its competitive edge. More rival products are
Product life cycle.
A product life cycle enables organisations to formulate short and long-term strategic objectives. It allows an organisation to evaluate the current position of its products and services. The product life cycle enables companies to maximise sales and produce the optimum output. After a period of development a product it is introduced or launched into the market. The product grows as it gains more customers. Eventually the market stabilises and the product goes into maturity, then after a period of time the product is overtaken by development and the introduction of superior competitors. It then goes into decline and is eventually withdrawn from the market. Most products fail in the introduction phase. Others have very cyclical maturity phases where declines see the product promoted to regain customers. This is known as an extension strategy. I shall now explain in more detail each stage of the product life cycle. Development * Heavy expenditure on market research and product development * Company incur loses at this point * An example of a product in the development stage is Blue Tooth mobile phones Introduction * The need for immediate profit is not a pressure, promotion expenditure exceeds slow sales * The product is promoted to create awareness * An example of a product in the introduction stage is duel record and play DVD players * If the product has no or few
Plagiarism Declaration
Robert Mc Farlane (604m3682) 8 April 2005 Tutor: Kate Tut Time: Friday 10:30 Essay The Transatlantic Slave Trade Plagiarism Declaration . I am thoroughly familiar with both the university's policy and this department's guidelines on plagiarism. 2. I know that copying directly from either printed or electronic sources and using this material in assignments without proper referencing is dishonest, and that it is also wrong to use another student's work and pretend that it is my own. 3. I have not allowed, and will not allow, anyone to copy my work with the intention of passing it off as his/her own work. 4. This assignment is my own work. 5. I am fully aware that departments compile a register of plagiarism offenders, and that this is circulated throughout the university. 6. I understand that I am liable to lose my DP if I plagiarise. Signature: ................... Date: .................... 368 words. Do the African suppliers of slaves bear as much responsibility for the horrors of the transatlantic slave trade as the European traders? This essay will deal with whether the African suppliers of slaves are as responsible for the horrors of the transatlantic slave trade as the European traders, in working toward a conclusion several avenues will be explored in order to establish whether or not the blame falls evenly.
price elasticity of demand
This essay seeks to demonstrate my understanding of the economic concept of elasticity of demand. I intend to examine two fundamental concepts, supply and demand and in doing so this essay will look at defining and discussing income and cross price elasticity, consider the significant changes of elasticity overtime by using numerical examples and graphs, and finally apply this theory to the construction industry. First and foremost, the theory of supply and demand is one of the essential theories of economics. Supply is the amount of product that a producer is willing and able to pay at a particular price, whereas demand is the amount of product that a buyer is willing and able to buy at a specific price. The model for supply and demand shows the relationship between a product's accessibility and the interest shown in it. Below is a graph demonstrating this: Price elasticity of demand measures the responsiveness of demand to changes in price. It involves comparing the proportional changes in the price with the proportional changes in the quantity demanded. Economists express the relationship between the percentage changes in price and demand in the form of a ratio or coefficient. This is called the price elasticity of demand (PED) and is demonstrated below: PED = % Change In Quantity Demanded % Change In Price It is said that when the demand elasticity is high it
Price Elasticity of Demand.
Price Elasticity of Demand. PED = % Change in Quantity Demanded % Change in Price Product Original Price (£) Sales Volume PED Revenue (£) Apples 0.45 300'000 2.0 35,000 Papaya 2.15 0'000 0.5 21'500 Apples. Change in Price = 15% PED = 2.0 Quantity Demanded = 15 x 2 = 30 % > New Sales volume will be 210'000 Papaya. Change in Price = 15% PED = 0.5 Quantity Demanded = 15 x 0.5 = 7.5% > New Sales volume will be 9'250 Product New Price (£) New Sales Volume PED Revenue (£) Apples 0.5175 210'000 2.0 08'675 Papaya 2.4725 9'250 0.5 22'870.625 From the information above it is obvious that the choice to make when increasing the price of the fruits would be to look at papaya as it will give a higher return than an increase on the price of apples. There are several factors that can affect supply and demand on every type of market; the fruit market is no exception. The main factor that could affect the market is the price of the product this will directly affect the demand for the product from consumers, with the increasing price elastic goods will see a fall in customers. This will be a very important factor when looking at importing exotic fruits as the tropical fruits will not have price elasticity as high as the price elasticity of traditional fruits such as apple, pears and plumbs this means that the importing company can charge a higher
This project requires me to produce a imaginary business.
INTRODUCTION This project requires me to produce a imaginary business. To do this I must research into all aspects of a business, using books, people, and computer resources. To help me do this I will create action plans, that I will evaluate and redesign as I proceed during the project. The reason for the action plan is to help keep track and organise what I am doing, it also shows points that I must cover for my business to be successful. In this project there are certain parts of the project that can be decided before I created an action plan; these are: What will I sell- I will sell video games. My shop name- I will call my shop "GAMES STATION". From what I already know I have decided to make my business a sole trader operation as these are the easiest to set up. Also in a sole trader business I will get to keep all of the profits. Also as I am a sole trader business there are less regulations that I have to comply with. As a sole trader I do not have to make my business accounts available to any one except the inland revenue. This is useful as it saves me time, and it keeps my business dealings secret to the public. AIMS & METHOD The aim of my store is primarily to be able to compete with other shops in the local area. Also to break even, but provide a high quality service to the public. Then it is to make a profit. For the first year the aim of my business will
This report analyses the marking environment of Gordon highlanders and segments the market to determine the relevant target customers and factors influencing visitors decision making.
Executive summary: Gordon Highlanders Museum (GHM) which is a tourist attraction in Aberdeen has a unique and attractive building with artifacts and themes being displayed spanning 200 years of regiment's history. A market evaluation of GHM illustrates that the performance of this museum is affected by various internal and external factors. Implementation of a good accounting system, analysing the trends of the competitors and research on the client base would be important as part of the micro environment. Technological factors like on-line museum, demographic factors like shift towards aging population and cultural trends have a favourable or unfavourable impact on the performance of GHM Report profiles that market for GHM is differentiated & products like display area, corporate hospitality, tea room and garden can be offered to different segments like students, corporates and adults or senior citizens respectively. Report also illustrate that the factors like reference groups influence school children, personality factors like lifestyles influence senior citizens or adults and social class influence corporates to visit GHM. Buying decisions of various segments can be attributed to Habitual Buying Behaviour & Variety-Seeking Buying Behaviour. TABLE OF CONTENTS Page .0
"Time management".
Critical Review Time management has been in existence for more than 100 years. Unfortunately the term "Time management" creates a false impression of what a person is able to do. Time can't be managed, time is uncontrollable, and we can only manage ourselves and our use of time. (http://www.tsuccess.dircon.co.uk/timemanagement.htm) To enable me to find out how I can make better use of my time I completed a log of everything I did for one week. I included everything from eating to, working and even sleeping. I found this very interesting to do and found some things quite surprising, such as I find myself traveling 13hours a week some weeks I think could be more. From keeping this log it gave me the opportunity to organize my time a bit better. As stated on www.mindtools.com "Time Management skills are essential for successful people". Before starting my Log for the week I planned my week ahead. This plan was completely different to what I actually did throughout the week. I found that I was suited better if I planned my time each day and set myself a goals or a set of goals to achieve by the end of the day. Stated on www.mindtools.com "The process of setting goals and targets allows you to choose where you want to go in life." Setting myself small goals helped me to complete assignments and get them in by there deadlines and manage my time effectively. When analyzing my
Theories of motivation.
Motivation is one of the elements which can result in different behaviours, so as Robbins (1991) mentioned that motivation [i]s the willingness to exert high levels of effort toward organizational goals, conditioned by the effort's ability to satisfy some individual need. Therefore, the power of motivation can not be ignored in work environment. The proper usage of motivation theory can improve the productivity. Theories of motivation can be divided into two types: content theories and process theories. They are focus on the same needs of individuals and the different needs of individuals respectively. Expectancy theory is the one of process theories. In this article, we would like to discuss the practical usefulness of expectancy theory. In 1968, American psychologist Edward C. Tolman created expectancy theory firstly, and then Victor H. Vroom formulated the expectancy theory of work motivation, based on three concepts: valence, instrumentality and expectancy. (Huczynski & Buchanan, 2001). Vroom gave out the formula: M= ?(E × V× I). It explains that realizing one's expectancy can motivate people. In this formulation, 'V' refers to the valence, it means the value of outcome or the importance of rewards. Valence reflects that what is the employee really wants to get via the work performance and in what kind of degree the employee wants to get it. Usually, valence can be
The UK and the Euro in 2003
The UK and the Euro in 2003 On January 1, 1999, a single European currency (the euro) was introduced in 11 European Union countries: Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, Netherlands, Portugal and Spain. Greece joined the single currency on January 1, 2001. Britain, Denmark and Sweden being the EU nations that did not adopt the Euro. On January 1, 2002, euro banknotes and coins replaced the national currencies of the twelve participating European countries. At this time the British government declared that before they would fully integrate into the EMU that a national referendum would need to be held following the completion of five economic tests. The Chancellors 5 economic tests set back in 1997 are: 1 * Sustainable convergence between Britain and the economies of a single currency; * Whether there is sufficient flexibility to cope with economic change; * The effect on investment; * The impact on Britain's financial services industry; * Whether it is good for employment Each test assesses whether the British economy will benefit or suffer from the move Throughout this year it was known that a referendum would not be called as Prime Minister Tony Blair had already ruled this out before the start of the year, even if the five economic tests were met in 2003. It was his feeling that there was still too much resentment
