NCVPS Small Business

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.