M9 l2 Factors That Contribute to the Selection of Products and Services
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The document discusses several key factors that influence small businesses' selection of products and services, including: 1) Product life cycle stages from introduction to decline and adjusting strategies accordingly. 2) Considering market research, market share, position relative to competition, and other consumer and business-related factors. 3) Evaluating specific product/service attributes like branding, packaging, labeling, and positioning relative to quality, price, features, and competition.
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Industry and competitor analysis is important for new ventures to determine if a niche market is favorable and to assess the attractiveness of an industry. The five forces model examines threat of new entrants, rivalry among existing firms, bargaining power of suppliers and buyers, and threat of substitutes. A competitor analysis identifies competitors and collects intelligence through ethical means like trade shows. This information is organized in a competitive analysis grid to evaluate competitive positions.
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Tags: Information Security, ISO/IEC 27001, ISO/IEC 42001, Artificial Intelligence, GDPR
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LinkedIn: https://www.linkedin.com/company/pecb/
Facebook: https://www.facebook.com/PECBInternational/
Slideshare: http://www.slideshare.net/PECBCERTIFICATION
Leveraging Generative AI to Drive Nonprofit Innovation
In this webinar, participants learned how to utilize Generative AI to streamline operations and elevate member engagement. Amazon Web Service experts provided a customer specific use cases and dived into low/no-code tools that are quick and easy to deploy through Amazon Web Service (AWS.)
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M9 l2 Factors That Contribute to the Selection of Products and Services
- 1. Factors that Contribute to the Selection of Products/Services in Small Business
- 2. Product life cycle : The evolution of a product/service on the market; stages include introduction, growth, maturity, and decline. Product mix strategy : A plan of action taken in selecting an appropriate product/service mix to achieve the goals of the business. Important Terms To Know
- 3. Market research : Gathering and analyzing data about factors which influence the potential success of a product or service. Market share : The business’s portion of the total sales in a specific market; expressed as a percentage. Market position : The image a product or business has in relation to its competition. Important Terms To Know
- 6. Product/service considerations - Factors influencing the success of a selected business in relationship to new or existing product/idea/service selection and mix. Categories/Factors That Influence Product/Service Selection
- 7. Product/service considerations Branding Packaging Labeling
- 21. Market/Product Position * Quality and price - Help to determine a business’s position in the marketplace. *Features and benefits- The features and/or benefits of the product/service promote a business position in the marketplace. *Relation to competition - A business can choose how to compete to get the advantage over competition (direct or indirect). *Relation to other products in the product line - A business will position their own products in relation to others in their product line.