Product development - Creating the consumer-product relationship
15 important questions on Product development - Creating the consumer-product relationship
What are the last 4-stage sequence for the product-consumer relationship?
2. Estimating profitability
3. Planning product launch
4. Offering product and appraising performance
Why is determining promotional channels important?
What do operators need to ensure regarding the website?
2. Intuitive
3. Presentable
4. Communicative
5. Current
6. An honest reflex of what is offered
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What are web 2.0 applications?
What are 3 benefits of using web-based media?
2. A more cost-effective media for many operators.
3. More of a level playing field for independent operators against larger competitors.
What are 4 challenges of using web-based media?
2. Time consuming
3. Very little information is considered to be private, therefore anything can be posted and they often expect operators to do the same.
4. Operators can be unsure how to use these applications to their advantages, as they are very customer driven.
What are the 5 essential considerations?
2. Follow an agreed response protocol
3. Encourage more contributions: do research before posting, and encourage engagement by being positive and engage with the community.
4. Review content: respond when needed.
5. Remember the legacy of content: response is permanent
For what is CRM essential?
What is the most common tools used in estimating potential profitability?
What are the 8 principles of break-even analysis?
2. Variable costs: (beverage costs)
3. Semi-variable costs: are those where there is not a direct relationship between the level of business and the variable costs.
4. Total costs
5. Total sales
6. Break-even point
7. Net profit
8. Level of safety: as the proportion of variable costs becomes greater than the fixed costs, this increases what is known as the 'level of safety' for the business.
What are the 4 ways you can lower the break-even point?
2. Reduce the variable costs
3. Increase prices
4. Increase sales
Why is planning the product launch an operational issue?
Why is planning the product launch a promotional issue?
What are the 2 issues regarding timing?
2. Having enough time available to get the product right.
What is offering the product and appraising performance about?
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