Tag: organization of commerce and management

Introduce the visuals in the document is appropriate for reports. This will help faster retention of information by the audience. In a way visuals are more appealing for the audience to watch.

A thought of new product is examined among potential consumers to determine consumer acceptance at the concept state. New product is designed according to the need of the potential buyers. Thus, at the concept stage or planning stage, a thought of new product is examined.

A distinct advantage that provides a firm to contribute greatly to customer benefits in the end products is known as core competence. It also provides long term competitive advantage. Thus in turn, the consumers get benefited.

Consumer's market is a type of buyer' market as in this market people buys goods mainly for the consumption purpose. Consumer refers to a person who consumes goods with his given income and prices of the goods and buyer is a person who buys the goods.

Distribution channel aims of moving products from producer to ultimate consumer. Distribution channel refers to the pathway of several persons by which the finished goods get transferred to the final consumer. Wholesaler is an agent of the distribution channel of the products.

Dividing the total market into several groups on the basis of consumer characteristics is known as market segmentation. In this process, potential consumers are divided into different groups. Market segmentation is done to facilitate market research.

Comprehensive policy covers losses arising from various kinds of risks arising from uncertain events such as, fire, theft, burglary. It is also known as an all-in-one-policy.